Puravankara board to weigh ₹300-crore fundraise via private placement of NCDs

Real estate firm Puravankara Limited on Wednesday (April 30) announced that its board of directors will meet on Tuesday, May 6, to consider a proposal for raising funds up to ₹300 crore through the issuance of secured, redeemable, unlisted, and unrated non-convertible debentures (NCDs) on a private placement basis.

The company plans to issue up to 3,000 NCDs with a face value of ₹10 lakh each. The fundraising will be undertaken in one or more tranches, in accordance with the relevant provisions of the Companies Act, 2013, and applicable rules, including those governing share capital and debenture issuance.

Puravankara stated that the fundraising proposal, if approved, will be subject to necessary regulatory and statutory clearances. The terms and structure of the issuance will be decided at the board’s discretion.

Also Read: Puravankara shares decline 2% after new launches add up to only a fourth of the targeted area in FY25

Puravankara reported a 6% year-on-year (YoY) increase in collections for the quarter ended December 31, 2024, with customer collections at ₹993 crore compared to ₹941 crore in the same period last year. Sales for the quarter stood at ₹1,265 crore, a 2% YoY increase from ₹1,241 crore in Q3FY24.

For the nine months ending December 31, 2024, the company’s customer collections increased 19% to ₹2,991 crore from ₹2,515 crore in 9MFY24. The average price realisation during Q3FY25 rose 16% YoY to ₹8,848 per sq ft from ₹7,621 per sq ft a year earlier.

Puravankara invested over ₹1,100 crore in land acquisitions during FY25, adding a potential gross development value (GDV) of ₹10,500 crore. The company’s latest acquisition includes a project on Kanakapura Road in Bengaluru.

Also Read: Puravankara eyes major launches in FY26 first-half as delayed projects get green light

Shares of Puravankara Ltd ended at ₹232.30, down by ₹11.25, or 4.62%, on the BSE.