Oberoi Realty gets board approval to issue ₹1,500 Crore NCDs

17 Oct 2024 , 09:19 AM

Oberoi Realty Ltd has approved the issue of up to ₹1,500 Crore in non-convertible debentures (NCDs) through a private placement.

The Operations Committee of the Board of Directors approved the issuance of non-convertible debentures worth up to ₹1,500 Crore (Rupees One Thousand Five Hundred Crores) on a private placement basis, as per company’s stock exchange filing.

Oberoi Realty announced last week that its board of directors has authorised a proposal to raise up to ₹6,000 Crore through various financial instruments. The board has approved this fundraising campaign, which will include the issuing of equity shares, qualifying securities, or other instruments in one or more tranches. The company also said that capital can be raised through private placements, including qualified institutional placements (QIPs).

Oberoi Realty reported an 81.8% YoY increase in net profit to ₹584.5 Crore for the first quarter ended June 30, 2024. Oberoi Realty reported a quarterly net profit of ₹321.6 Crore in the previous corresponding period, as per a regulatory filing.

Revenue from operations climbed by 54.4% to ₹1,405.2 Crore, up from ₹910 Crore in the previous fiscal year. In the first quarter of this fiscal year, EBITDA increased by 72% to ₹815.1 Crore, up from ₹473.7 Crore in the same period last year.

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