The Mumbai-based Oberoi Realty's board on Thursday approved a proposal to raise up to ₹6,000 crore. The company plans to raise funds through equity shares, eligible securities, and other securities.
The proposed funds will be raised 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 company said in an exchange filing.
“This is to inform you that the Board of Directors of the Company, at their meeting held on October 10, 2024, has considered and approved the proposal for enabling the raising of funds for an aggregate amount not exceeding ₹6,000 crore (Rupees Six Thousand Crore only) by way of issuance of equity shares, eligible securities, other securities or instruments or any combination of securities, in one or more tranche or tranches,” it added.
On September 1, Oberoi Realty, which deals in luxury housing, sold properties worth ₹1,067 crore in the last fiscal year, according to a report by PTI.
In a related development, the real estate company received the approval of the National Company Law Tribunal for a resolution plan to acquire the bankrupt Nirmal Lifestyle Realty by paying ₹273 crore to the creditors of the company, Oberoi Realty informed in a stock filing on August 12.
In the April to June quarter of FY25, Oberoi Realty's topline increased by 54.42 per cent, and the profit increased by 81.73 per cent on a year-on-year (YoY) basis.
The revenue of the company rose by 6.87 per cent in comparison to the previous quarter. The expenses on selling, general and administration dropped by 6.16 per cent on a quarter-on-quarter basis, whereas they rose by 10.05 per cent on a YoY basis, as Mint reported on July 20.
Oberoi Realty has a market cap of ₹62,486.86 crore as of July 20.
