Right after Prestige, Sobha unveils the plan of Fundraise up to Rs. 2000 crore

Sobha Ltd, the Bengaluru-headquartered real estate developer has permitted to rise up to Rs. 2000 crore via rights issue of shares.

The realty company aims to issue 1.21 crore rights equity shares each on a basis of partly-paid method through which also the company planning to raise Rs. 2000 crore, supposing for full subscription and recompose of the call monies.

The right issue price has been fixed at Rs. 1,651 per rights equity share, which is a deduction of 20 percent when compared to the closing price of stocks.

Sobha’s investors will be eligible to obtain six rights equity shares for every 47 shares which they hold as of the rate of record.

By means of applying to the rights issue, investors will have to pay a premium amount of Rs. 820.5 per share of face value worth Rs. 5 each. Consequently, the remaining amount will have to be paid in not more than two succeeding calls on or before December 31, 2025.

This fundraising move of Sobha come very next to the announcement of another key Bengaluru-based realty developer, Prestige Estate revealed its plan of IPO – Initial Public Offering for its hospitality unit.

Over the course of past 12 months, Sobha’s shares have tripled more than the estimation, attaining as much as 268 percent. Also the stocks are nearing Rs. 20000 crore in market capitalization.