Vipul receives green nod for Gurgaon project Aarohan; raises Rs 275 crore

India Infoline News Service | Mumbai | September 19, 2016, 09:03 IST

Further the company had raised Debt from DMI Finance Private Limited (DMI) to the tune of Rs. 175 Crores. The money raised was utilized towards pre-operative expenses of Project Aarohan.

Vipul Limited, a renowned Gurgaon-based real estate developer announced that it has received Environmental clearance from State Environment Impact Assessment Authority, Haryana for its project Aarohan on Golf Course Road in Gurgaon. By June 2016, they had already sold more than 26% of flats in Phase 1of the project.
 
Further the company had raised Debt from DMI Finance Private Limited (DMI) to the tune of Rs. 175 Crores. The money raised was utilized towards pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, the company has  received sanction for a loan of Rs. 275 crores from PNB Housing Finance Limited at an average rate of 13.35% p.a. Part of the amount raised from PNB Housing Finance limited will be utilized towards pre-payment of the debt from DMI , resulting in interest and cash flow savings.
 
Punit Beriwala, Managing Director, Vipul Limited, said, "We are entering a new phase in the development of our landmark project. With Environmental clearance in place we are now gearing up to launch construction and are confident of delivering a world-class sustainable living space  to our buyers. We have also pre- paid our high cost debt, by replacing it with a term loan from PN B Housing Finance Limited. Going forward, this will strengthen our credit profile and also result in substantial saving on interest costs in such a  competitive  market."
Vipul Ltd is currently trading at Rs. 82.5, up by Rs. 7.7 or 10.29% from its previous closing of Rs. 74.8 on the BSE.
 
The scrip opened at Rs. 78 and has touched a high and low of Rs. 84.5 and Rs. 78 respectively. So far 154621(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 897.48 crore.
 
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 79.3 on 16-Sep-2016 and a 52 week low of Rs. 40 on 22-Mar-2016. Last one week high and low of the scrip stood at Rs. 79.3 and Rs. 69.6 respectively.
 
The promoters holding in the company stood at 63.38 % while Institutions and Non-Institutions held 0 % and 36.62 % respectively.
 
The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart

 

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