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Puravankara to raise up to Rs 1,000 crore through QIP route

14 Jun 2024 , 06:45 PM

Puravankara Limited’s shares rose about 3% in early trade on Friday after the real estate developer announced plans to raise funds of up to 1,000 Crore through the Qualified Institutional Placement (QIP) route.

Puravankara Limited announced in a stock exchange filing on Thursday that its board has given in-principle approval to raise funds in one or more tranches. The QIP may comprise the issuance of financial instruments such as equity shares, debentures, or preference shares, subject to final approval from the board. 

Puravankara Limited announced in a regulatory filing on June 13 that its subsidiary, Provident Housing, has granted a corporate guarantee to Piramal Enterprises for a ₹90 Crore term credit facility. Provident Housing will use this loan to finance the acquisition of about 31.8 acres of land in Dabolim, Goa.

Meanwhile, on June 1, the company announced the purchase of 12.75 acres of land at Patlipada on Ghodbunder Road, Thane, Maharashtra. This transaction was carried out by its wholly-owned subsidiary, Purva Oak Private Limited. The land is expected to have a potential carpet area of 18.2 lakh square feet and a Gross Development Value (GDV) of ₹4,000 Crore over the project’s lifespan.

Puravankara Limited reported financial results for the quarter and fiscal year ending March 31, 2024 on May 23. In the March quarter, the real estate developer’s consolidated income from operations increased by 136.50% year on year (YoY) to ₹919.97 Crore, up from ₹388.99 Crore in Q4 FY23.

At around 1.09 PM, Puravankara was trading 1.71% higher at ₹442.80, against the previous close of ₹435.35 on NSE. The counter touched an intraday high and low of ₹449, and ₹437, respectively.

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