Puravankara announces entry into capital market

By Staff
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Google Oneindia News

Chennai, July 30: Puravankara Project Limited (PPL), one of the leading real estate development companies in the country, today announced its entry into the capital market to raise funds to finance land acquisition, repay loans and for general corporate purposes.

Addressing a press conference here, PPL Director Ashish Puravankara said the company which was focussing on developing residential and commercial properties, entering capital market tomorrow with a public issue of 21,467,610 equity shares of Rs five each through 100 per cent book building process.

The price band had been fixed at Rs 500 to Rs 525 per equity share and the issue would close on August 3. The decision to enter the capital market was also to achieve the benefits of listing on the stock exchange, he said.

He said the ongoing projects of the company aggregated about 12.20 million sqft of saleable area. The company was constructing 14 residential projects and one commercial project.

The revenue of Puravankara projects had increased by Rs 1,364.39 million from fiscal 2006 to fiscal 2007, which represented an increase of 48.65 per cent. The company's profit after tax had increased by Rs 569.03 million from fiscal 2006 to fiscal 2007, marking an increase of 77.42 per cent, he added.

UNI

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