Puravankara Board of Directors Set to Meet to Discuss Fund-Raising – Equitypandit
Puravankara Limited announced that the board of directors will meet on Tuesday, 6 May, to review a proposal to fund up to Rs 300 crore through private placement issue of secured, redeemable, unlisted, and unrated non-convertible debentures (NCDs).
The company wants to issue up to 3,000 NCDs at Rs 10 lakh apiece. The financing will be done in one or more tranches in compliance with the relevant provisions of the Companies Act of 2013 and related rules, such as those governing share capital and debenture issuance.
Puravankara noted that the fund-raising request if authorised, will be subject to all relevant regulatory and statutory permissions. The board will select the terms and structure of the issue.
Puravankara announced that customer collections for the quarter ending 31 December 2024 increased by 6% year over year (YoY) to Rs 993 crore from Rs 941 crore during the same time the previous year. The quarter’s sales of Rs 1,265 crore represented a 2% YoY growth over Q3FY24’s sales of Rs 1,241 crore.
The company’s customer collections climbed 19% to Rs 2,991 crore from Rs 2,515 crore in 9MFY24. During Q3FY25, the average price realisation increased by 16% YoY to Rs 8,848 per sq ft from Rs 7,621 per sq ft the previous year.
Puravankara spent about Rs 1,100 crore on land acquisitions in FY25, resulting in a potential gross development value (GDV) of Rs 10,500 crore. The company has recently acquired a project on Kanakapura Road in Bengaluru.
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