 "Puravankara hits 52-week high as board approves fund raise of Rs 1000 cr")
Shares of real estate firm Puravankara reached their 52 week high at Rs 449 per share, rising 3.2 per cent on the NSE in Friday’s early morning trades. The stock hit its 52-week low at Rs 88.30 on June 14, 2023.
The stock price surge came after the company’s board on Thursday gave its seal of approval to raise funds through QIP mode up to an amount not exceeding Rs 1,000 crore in one or more tranches.
“The Board has given its in‐principle approval to proceed to raise funds through QIP mode up to an amount not exceeding Rs. 1000 Crores in one or more tranches. The Instruments to be issued under QIP may be equity shares /debentures (NCD/PCD/FCD)/preference shares as per the terms of issue, once finalised and approved by the Board,” the company said in an exchange filing.
In a separate filing, the company also provided a Corporate Guarantee on behalf of its wholly owned subsidiary, Provident Housing Limited.
The company gave a corporate guarantee in favour of Piramal Enterprises Limited for a Rupee Term Loan Facility of Rs. 90 crores to be obtained by Provident Housing Limited for the purpose of meeting the cost of acquisition of the Project Land. The project land is 31.8 acres of land parcel situated at Dabolim, Goa.
The company posted a loss of Rs 7 crore for the fourth quarter of FY24, marking a 124 per cent decrease year-on-year (y-o-y). Despite the loss, net revenue witnessed a significant increase, rising by 112 per cent to Rs 947 crore for the quarter ended March FY24, compared to the corresponding quarter last year.
The Bangalore based realty firm, however, saw a surge in pre-sales, reaching Rs 5,914 crore for FY24, representing a 90 per cent increase compared to the previous year. This growth was propelled by new project launches and robust demand from home buyers.
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At 10:17 AM; the stock of the company was trading 0.61 per cent higher at Rs 238, as compared to 0.14 per cent decline in the Nifty50.