Puravankara Limited has announced that its board of directors has approved a plan to raise up to Rs 1,000 crore through Qualified Institutional Placement (QIP). The fundraising will be conducted in one or more tranches, according to a filing with the Bombay Stock Exchange (BSE).
In a separate regulatory filing, the company disclosed that Provident Housing, its wholly-owned subsidiary, has provided a corporate guarantee to Piramal Enterprises. This guarantee backs a Rs 90 crore Rupee Term loan facility, which will be used to finance the acquisition of approximately 31.8 acres of land in Dabolim, Goa.
Additionally, Puravankara's subsidiary, Purva Oak, recently acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane. This land acquisition is projected to yield an estimated potential carpet area of 18.20 lakh square feet and a potential gross development value (GDV) of Rs 4,000 crore over the project lifecycle.
These strategic moves underscore Puravankara's ongoing efforts to expand its footprint and enhance its portfolio in key markets across India.
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