Oberoi Realty extends gains on raising Rs 750cr

The funds will be deployed to part-fund the recent acquisition of land parcel in Borivili

Shares of Oberoi Realty have extended gains and were up 4.5% at Rs 224 after the Mumbai-based real estate developer recently said that it has raised Rs 750 crore through issue of non-convertible debentures.

The funds will be deployed to part fund the recent acquisition of land parcel in Mumbai's western suburb of Borivili.

In the last week of March, Tata Steel had sold its 25-acre Borivali land parcel in Mumbai for Rs 1,155 crore to Oberoi Realty through e-auction.

Oberoi Realty won the tough bid defeating other realty majors to acquire the property.

The stock opened at Rs 219.50 and touched a high of Rs 225.40 on the BSE so far. Over 185,000 shares were traded on both the stock exchanges so far.