Puravankara added 1.11% to Rs 440 after the realtor announced that its board approved to raise funds through QIP mode upto Rs 1,000 crore in one or more tranches.
The firm may issue equity shares /debentures (NCD/PCD/FCD)/preference shares under QIP may be as per the terms of issue, once finalized and approved by the board. Through this approval, the company will take required steps as and when it deems appropriate and such in‐principle approval shall be valid for a period of one year.Meanwhile, the real estate firm informed that it has provided a corporate guarantee on behalf of its wholly owned subsidiary, Provident Housing for a rupee term loan facility of Rs 90 crore.
The Provident Housing has been provided corporate guarantee in favour of Piramal Enterprises for the purpose of meeting the cost of acquisition of the project land of 31.8 acres of land parcel situated at Dabolim in Goa.
The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.
The company reported consolidated net loss of Rs 6.59 crore in Q4 FY24 as compared with net profit of Rs 26.66 crore posted in Q4 FY23. Revenue from operations zoomed 136.5% year on year (YoY) to Rs 919.97 crore in the quarter ended 31 March 2024.
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