Mahindra Lifespaces to raise money

Mahindra Lifespaces to raise money
28/10/2016 , by , in News/Views

Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, is planning to raise Rs 300 crore through a rights issue.

The developer’s consolidated net profit for the quarter ended September rose to Rs 32 crore as against Rs 6 crore a year ago. Total income for the quarter declined to Rs 145 crore as against Rs 162 crore a year ago.

“Residential sales and execution maintained an even tempo in Q2 FY17. This, supported by a significant improvement in industrial land leases, has resulted in a stronger profit performance by the company,” said Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers.

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