Sobha Developers, the Bangalore-based real estate developer, has raised $112 million through the QIP issue on Tuesday.
The company, which has debt of Rs 1,900 crore and is leveraged 1.6 times, has sold 25 million shares at Rs 209.36 to around nine global investors, including Capital International and Albis. Enam and Morgan Stanley managed the issue for Sobha Developers.
With this, the promoters have offloaded their 22 per cent stake and will be holding around 65 per cent in the company. Industry sources indicate that Sobha will be using the proceeds of this sale partly to repay debt and rest will go towards working capital requirements.
The company in addition to this measure of raising funds to looking at selling a part of its 3,000 acres land bank and is looking to rope in private equity partners at various of its projects.
