Sobha Ltd, a prominent real estate firm, is launching a rights issue to raise up to Rs 2,000 crore starting June 28, aimed at bolstering its financial position. The issue, closing on July 4, involves issuing 1,21,07,981 equity shares at Rs 1,651 per share (including a premium of Rs 1,641 per share). The funds will primarily be used to reduce debt, acquire land, purchase machinery, and cover construction costs for ongoing and upcoming projects. Sobha Ltd, founded by PNC Menon in 1995, plans to increase its equity capital to Rs 10,000 crore over the next five years, with a strategic focus on expanding into Mumbai's luxury housing market. The company aims to achieve substantial growth, targeting a more than four-fold increase in annual sales bookings to Rs 30,000 crore in the next 4-5 years.