The Puravankara Board authorizes the use of QIP to raise up to Rs 1,000 crore.
The company's shares ended June 13 trading down 0.3% at Rs 437 a share.
Real estate company Puravankara Ltd., with its headquarters in Bengaluru, said on June 13 that its board has approved the financing of funds through Qualified Institutional Placement (QIP) up to Rs 1,000 crore.
The company's shares ended June 13 trading down 0.3% at Rs 437 a share.
The acquisition of 12.75 acres of land at Patlipada on Ghodbunder Road in Thane was disclosed by the company at the beginning of this month. The company had disclosed that Purva Oak Private Limited, its wholly-owned subsidiary, had completed the purchase.
Over the course of the project, the land could have a potential gross development value (GDV) of Rs 4,000 crore and an estimated potential carpet area of 18.2 lakh sq ft.
The real estate developer reported a 33% YoY decrease in net profit for the March quarter, totaling Rs 42 crore. However, in the fourth quarter, it generated revenue of Rs 947 crore, an increase of 112 percent YoY.
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