Strategic Fundraising Initiative
Puravankara's board of directors has approved a fundraising initiative of up to Rs 1,000 crore through qualified institutional placement (QIP). This decision aims to bolster the company's financial position and support its ongoing and future projects, as revealed in a recent BSE filing.
Qualified Institutional Placement Details
The QIP will be conducted in one or more tranches, allowing Puravankara to strategically raise capital as needed. This approach provides flexibility and aligns with the company's growth and development plans.
Provident Housing's Corporate Guarantee
In a separate regulatory filing, Puravankara disclosed that Provident Housing, a wholly-owned subsidiary, has provided a corporate guarantee in favor of Piramal Enterprises. This guarantee secures a Rs 90 crore Rupee Term loan facility for Provident Housing, intended to finance the acquisition of approximately 31.8 acres of land in Dabolim, Goa.
Recent Land Acquisitions
Puravankara's expansion efforts are evident in its recent acquisitions. Purva Oak, another wholly-owned subsidiary, has acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane. This land has an estimated potential carpet area of 18.20 lakh sq ft and a projected gross development value (GDV) of Rs 4,000 crore over the project's lifecycle.
Conclusion
Puravankara's strategic fundraising via QIP and its recent land acquisitions highlight the company's commitment to growth and development. With substantial projects underway and robust financial planning, Puravankara continues to strengthen its position in the real estate market.