Sobha plans to raise up to Rs 700 crore via debentures
Realty firm Sobha Ltd plans to raise up to Rs 700 crore through issue of debentures to meet its funding requirement for execution of real estate projects.
The Bengaluru-based developer has sought shareholders’ approval for the proposed issue of non-convertible debentures (NCDs) on a private placement basis.
In a notice to shareholders for convening the annual general meeting (AGM), the company said that the board is contemplating the feasibility of borrowing money through issue of NCDs. The meeting is scheduled to be held on August 7.
Sobha said that the company borrows money from banks and other financial institutions to execute various projects, both residential and contractual. The company has taken project-specific or general purpose borrowings from various banks and financial institutions.