Signature Global's board approved the raising of funds by issuance of Secured Listed Redeemable Non-Convertible Debentures (NCDs), for an amount not exceeding Rs 875 crore on private placement basis, in one or more tranches.
When contacted, Signature Global Chairman Pradeep Kumar Aggarwal told PTI, "We have taken the approval of board to raise funds. We will also seek shareholders approvals."
He said the company will use Rs 450 crore to refinance its existing debt while the remaining amount will be for business growth.
Aggarwal said the company is targeting to raise funds by the end of August, subject to shareholders' approval.
On Wednesday, the board also approved the notice of postal ballot for seeking shareholders' approval for issuance of NCDs, enhancement of borrowing limit, enhancement of limit for creation of security and alteration of Articles of Association of the company.
Gurugram-based Signature Global is one of the leading real estate developers in the country.
In 2024-25 financial year, the company emerged as the fifth largest listed real estate firm in terms of sales bookings. The company sold properties worth Rs 10,290 crore in the last fiscal and is targeting Rs 12,500 crore pre-sales in the current financial year.
Signature Global started its business to develop affordable housing projects, but now it is focusing on mid-income, premium segments because of the high land cost in Gurugram.
