Write at Apartment-Bangalore.com

Posts Tagged ‘shobha developers’

Shobha Developers Received Approval to Raise its Share Capital

Saturday, June 20th, 2009

Shobha Developers Bangalore received approval to raise its share capital to Rs 1500 Crore. The company got approval from shareholders at its shareholders meeting hike Foreign Institutional Investors limit to around 100% of company’s equity share capital.

Shobha Developers said that on shareholders meeting company received approval from shareholders to raise Rs 1500 crore from domestic and international market. Company will also hike Foreign Institutional Investors (FII) limit to 100%. The company said in a filing to the Bombay Stock Exchange (BSE).

The company would raise capital to Rs 1500 crore from International market by issuing shares through American Depository Receipts, Global Depository Receipts and from domestic routes through warrants and debentures.

Further, the company will increase the FII investment limit in the company to 100% of the paid-up capital, provided the equity shareholding of each FII shall not exceed 10% of the total paid-up equity share capital of the company.

Reference:

sobha developers gets shareholders nod to raise rs1500 crore

Tags: , , , , , , , , , , , , ,
Posted in Builder | No Comments »

Shobha Developers Gets Rs 225 Crore Investment

Thursday, June 18th, 2009

Shobha Developers Bangalore is raising Rs 225 crore from Purna Partners Bangalore, a private equity fund. The investment will be made at the Special Purpose Vehicle (SPV) level.

The raised fund will be used towards development of projects in Bangalore and other cities. For this purpose company will identify certain land parcels in Bangalore and other cities for development of residential and commercial projects. It will also undertake mixed development projects in Bangalore and other cities.

Shobha developers will execute the project as the principal contractor and each of projects will be valued separately. The company has also informed that they have received Rs 25 core from the private equity fund. Shobha will be shareholder along with Purna partners and other investors. The number of project will be decided by the investors.

Shobha developers are also looking to raise Rs 1000 crores through Qualified Institutional Placement (QIPs). The company’s board has also called an extra ordinary general meeting to increase share capital of company up to Rs 1500 crores. It is also considering increasing the limit of Foreign Institutional Investors (FII) in equity shares up to 100% of the share capital of company.

The company is also looking to at raising money by diluting stakes in its non-core assets or non-realty business. The fund raised will be used primarily to pay its debts and to fund it realty projects. The realtor is also looking to raise fund by selling 200 acres from its 3000 acres land bank.

Reference:

Related Keywords:

Sobha Developers, Sobha Developers Bangalore, Shoba Developers, Shobha Developers

Tags: , , , , , , , , , , ,
Posted in Bangalore, Builder, Housing India | No Comments »