Parsvnath Developers, a major real estate player in the country, has revealed its plans to raise $35 million through private placements of shares.

The company is planning to raise $35 million through qualified institutional placements (QIP) route, which was launched last week.

The raised amount will be used to cut debt, which stands at about Rs 1,600 crore, and complete the existing projects. The company aims to reduce its debt burden to about Rs 600 – 700 crore by the end of this fiscal.

The stock today closed at Rs 125 on BSE, down 1% compared to its previous close.