Puravankara to Raise ₹300 Crore via NCDs

30 Apr 2025 , 09:19 PM

Puravankara Limited said that its Board of Directors will convene on Tuesday, May 6, 2025, to consider a proposal to raise up to ₹300 crore. This will be raised by issue of secured, redeemable, unlisted, and unrated non-convertible debentures (NCDs) on private placement basis.

The fund raising, as proposed, will be through issue of secured, redeemable, unlisted, and unrated NCDs on private placement basis. On approval, the firm will allot up to 3,000 NCDs of face value ₹10 lakh each.

The fund-raising process will proceed only upon the receipt of regulatory and statutory approvals, as and when required. The terms and conditions of issue of NCD shall be in the discretion of the board.

Operationally, Puravankara registered a 6% year-on-year growth in customer collections in the third quarter (Q3FY25) of ₹993 crore versus ₹941 crore during the corresponding quarter last year. The sales revenue of the company during Q3FY25 was ₹1,265 crore, a 2% year-on-year growth over ₹1,241 crore during Q3FY24.

During nine months ended December 31, 2024, Puravankara reported a 19% year-on-year growth in collections from customers at ₹2,991 crore, as compared to ₹2,515 crore during 9MFY24. Realization price on average during Q3FY25 improved by 16% year on year to ₹8,848 per sq ft, from ₹7,621 per sq ft during the year-ago quarter.

In FY25, the firm incurred more than ₹1,100 crore towards land purchases, enriching its portfolio and procuring an approximate gross development value (GDV) of ₹10,500 crore. Among the significant buys in FY25 were a fresh realty development along Kanakapura Road in Bengaluru, to strengthen its foothold in the southern Indian market.