Oberoi Realty to raise Rs 324 cr via preferential issue

New Delhi: Oberoi Realty on Friday said its Board has approved to raise over Rs 324 crore through preferential issue of shares to Aranda Investments, an indirect subsidiary of Temasek Holdings.

Mauritius-based Aranda Investments is a foreign portfolio investor and a wholly-owned indirect subsidiary of Temasek Holdings, the investment arm of the Singapore government.

In a regulatory filing the company said its board has "approved raising funds by way of issue of up to 1.10 crore equity shares of Rs 10 each of the company...For cash to Aranda Investments (Mauritius) Pte Ltd...On a preferential basis at a price of Rs 295 per equity share aggregating to approximately Rs 3,245 million."

However, the allotment of shares is subject to approvals of the shareholders of the company, it added.

Earlier on June 2, the company said that the Board has passed an enabling resolution for raising up to Rs 2,250 crore by issuing debentures and equity shares through public offer and private placement.

For the quarter ended March 31, Oberoi Realty posted 34 percent increase in consolidated net profit at Rs 103.02 crore as against Rs 77.03 crore in the year-ago period.

The revenue rose to Rs 349.33 crore for the March quarter compared with Rs 228.49 crore in the year-ago period.

Mumbai-based real estate developer has developed over 36 projects aggregating about 6.5 million sq ft of space. Another 24 million sq ft projects are in various stages of development.