The raise is subject to the approval of applicable shareholders and regulatory or statutory authorities. | Photo: Shutterstock
The board of directors at Oberoi Realty approved a fundraising exercise of Rs 6,000 crore in its meeting held on October 11.
The funds will be raised “by way of issuance of equity shares, eligible securities, other securities or instruments, or any combination of securities,” as per the company’s stock exchange filing.
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The company may raise the amount in one or more tranches “by way of private placement, including a qualified institutional placement, or through any other permissible mode or combination of modes as may be considered appropriate.”
The raise is subject to the approval of applicable shareholders and regulatory or statutory authorities.
Earlier, in August 2024, the company acquired Nirmal Lifestyle Realty Private (NLRPL) under the Insolvency and Bankruptcy Code, 2016, as per the company’s stock exchange filing.
NLRPL holds development rights in respect of land measuring approximately 20,262.40 square metres situated at L.B.S. Road, Mulund West, Mumbai, which is contiguous to the lands owned by Oberoi Realty where its residential project Eternia has been developed.
The acquisition involves paying creditors Rs 273 crore as well as the Corporate Insolvency Resolution Process (CIRP) costs. Oberoi Realty will acquire 100 per cent of NLRPL’s shares for Rs 1 lakh.
Additionally, the company reported revenue of Rs 1,441.95 crore for the first quarter of the financial year 2025 (Q1FY25), up 54.5 per cent on a yearly basis; its earnings before interest, taxes, depreciation, and amortization (EBIDTA) were Rs 815.05 crore for the same period. The company’s profit after tax (PAT) for Q1 FY25 stood at Rs 584.40 crore.
The listed developer’s total market cap stands at around Rs 69,075.33 crore.
First Published: Oct 11 2024 | 1:24 PM IST