Puravankara strikes 3.2% rise on BSE with Rs.1,000 crore of fundraise

Bengaluru based real estate giant Puravankara has attained 52 week high at Rs.449 per share by going up 3.2% on the NSE. The company’s stock hit its 52-week low at Rs.88.30.

The managerial board of the company gave approval to raise fund through QIP mode up to an amount not exceeding Rs 1,000 crore in one or more tranches. Right after this the stock price started surging.  

In an exchange filing of the company, they mentioned that, the board has given their in-principal approval to proceed to raise funds through QIP mode up to an amount not exceeding Rs. 1000 crores in one or more tranches. It also highlighted that,the instruments need to be issued  under QIP may be equity shares /debentures (NCD/PCD/FCD)/preference shares as per the  terms  of  issue,  once  finalised  and  approved  by  the  Board.

In a separate filing, the company provided a Corporate Guarantee on behalf of its wholly owned subsidiary, Provident Housing Limited. The company gave a corporate guarantee in favour of Piramal Enterprises Limited for a Rupee Term Loan Facility of Rs. 90 crores to be obtained by Provident Housing Limited for the purpose of meeting the cost of acquisition of the Project Land. The project land expands over an area of 31.8 acres located in Dabolim, Goa.

The company has recorded a loss of Rs. 7 crore for the fourth quarter of FY24, marking a 124% decrease year-on-year (y-o-y). Despite the loss, net revenue witnessed a significant increase, rising by 112% cent to Rs. 947 crore for the quarter ended March FY24, compared to the corresponding quarter last year.

The realty firm Puravankara Ltd. has witnessed a surge in pre-sales, reaching Rs. 5,914 crore for FY24, representing a 90% increase compared to the previous year. The growth was further broadened by new project launches and robust demand from home buyers.