Bengaluru-based real estate developer Puravankara Limited is gearing up to launch a qualified institutional placement (QIP) that will see the company raise as much as Rs 700-800 crore.
The company has three prominent brands – Purva, Provident Housing and Purva Land. As of March 31, 2024, Puravankara has delivered 86 residential and commercial projects measuring around 50 million square feet. The company has a land bank of over 36 million square feet and over 23,000 homes with a total area of over 31 million square feet under development. It has also recently forayed into the redevelopment space in Mumbai by securing the rights for two housing societies spread over three acres with a potential gross development value of Rs 1,500 crore.
Puravankara has picked ICICI Securities as one of its advisors for the QIP and they will add one or two more banks. The company is awaiting shareholder nod for it fundraise plans. The company plans to use the funds for both organic and inorganic growth opportunities, and will spend the money on capex and for reducing debt.
Puravankara’s net debt stood at Rs 2,151 crore as of March 31, rising from a net debt of Rs 1,741 crore at the end of the previous quarter.
