MUMBAI: Property developer Oberoi Realty is planning to raise Rs 3,500 crore through the issue of non-convertible debentures and qualified institutional placement of equity shares in one or more tranches.
The company’s board of directors have approved enabling resolutions for the fundraising. Of this, the equity issue will be up to Rs 2,000 crore and debentures worth up to Rs 1,500 crore, the company said in a regulatory filing.
The developer has reported a 19% on-year decline in consolidated net profit for the quarter ended March at Rs 232.78 crores. Revenue for the quarter rose over 5.2% from a year ago to Rs 843 crores.
“The real estate sector has also witnessed a healthy increase in demand over the last two years, and we clearly see this actual user consumption-led momentum continuing. We are observing a paradigm shift in consumer behaviour towards an aspirational lifestyle, and a clear preference for larger spaces,” said Vikas Oberoi, CMD, Oberoi Realty.
According to him, the demand for commercial real estate is witnessing a steady increase as employees return to their offices.
Net profit for the financial year 2021-22 rose 41% to Rs 1,048 crores, while revenue grew 32% to Rs 2,752.42 crores. The company has recommended a dividend of Rs 3 per share.
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