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Oberoi Realty’s board approves proposal to raise up to Rs 6,000 cr
Source: Business Standard
The raise is subject to the approval of applicable shareholders and regulatory or statutory authorities. | Photo: Shutterstock
Oberoi Realty’s board of directors has approved raising up to Rs 6,000 crore in one or more tranches, said the company in an exchange filing on Friday.
Funds would be raised “by way of issuance of equity shares, eligible securities, other securities or instruments, or any combination of securities,” it said.
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The company may raise the amount in one or more tranches “by way of private placement, including a qualified institutional placement, or through any other permissible mode or combination of modes as may be considered appropriate”.
The plan is subject to the approval of shareholders and regulatory authorities.
In August, the company acquired Nirmal Lifestyle Realty Private (NLRPL) under the Insolvency and Bankruptcy Code, 2016. NLRPL holds development rights in 20,262.40 square metres of land in L B S Road, Mulund West, Mumbai. The land is contiguous to Oberoi Realty’s residential project Eternia.
The acquisition involves paying creditors Rs 273 crore as well as the Corporate Insolvency Resolution Process (CIRP) costs. “The company would subscribe to 100 per cent equity share capital of NLRPL for Rs 1 lakh,” it said
Oberoi Realty reported a revenue of Rs 1,441.95 crore for the first quarter of financial year 2025 (Q1 FY25), up 54.5 per cent on a yearly basis. Its earnings before interest, taxes, depreciation, and amortisation were Rs 815.05 crore for the same period. The company’s profit after tax in Q1 FY25 was Rs 584.40 crore.
The listed developer’s total market capitalisation stands at around Rs 690,75.33 crore.
First Published: Oct 11 2024 | 1:24 PM IST
