Developer plans to raise around Rs 700 Cr for projects

By Accommodation Times Bureau

NEW DELHI

Sobha Limited a realty firm to meet its financial requirement for real estate projects it has the plan to raise Rs 700 crore via issue of debentures.

In a notice to Shareholders, it’s seeking approvals of shareholders for issue of non-convertible debentures.

The notice said, “Consent of the members is being sought to enable the board of directors to offer or invite subscriptions for non-convertible debentures aggregating up to Rs 700 crore,”

The meeting is said to be on August 17.

For executing several projects, residential and contractual the company borrows money from banks and other financial institutions, Sobha said.

The developer increased its sale bookings in the first quarter of this fiscal by 22% to over Rs 760 crore.

Sobha Ltd. has its presence at international level, UAE, Oman, Bahrain.





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