Ajmera Realty repays ₹100 Crore debt; hits 52-week high

28 Nov 2024 , 03:54 PM

On Thursday, November 28, Ajmera Realty and Infra India Ltd shares surged nearly 7% to a new 52-week high of ₹1,120 per share on the BSE after the business reported it has repaid ₹100 Crore of corporate debt.

The real estate company used cash from its recent ₹225 Crore stock offering to repay debt ahead of schedule, resulting in lower interest payments and higher returns.

Ajmera Realty’s outstanding loans now stand at ₹693 Crore, down from ₹793 Crore in the second quarter of FY25.

Ajmera Realty has been actively managing and strengthening its debt profile, which has helped to drive up its share price. The company intends to use the funds raised to speed project launches and expand corporate activities.

Ajmera Realty’s growth trajectory, as well as its year-on-year debt-to-equity ratio performance, demonstrate the company’s optimistic approach to meeting its ambitious ‘5x growth’ ambition.

Dhaval Ajmera, Director of Ajmera Realty, stated in a statement, “This is a strategic move toward deleveraging, and we are pleased to significantly reduce our corporate debt.” This activity will help to reduce our debt-equity ratio and strengthen our commitment to increased growth and wealth creation for our stakeholders.

At around 3.46 PM, Ajmera Realty was trading 1.24% higher at ₹1,057.80 per piece, against the previous close of ₹1,044.85 on NSE. 

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