Mahindra Lifespaces to raise money
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.