This Article is From Jul 20, 2015

Oberoi Realty Raises Rs 324 Cr via Preferential Issue of Shares

Oberoi Realty Raises Rs 324 Cr via Preferential Issue of Shares
New Delhi: Oberoi Realty said on Monday that it has raised 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.

"...approved the allotment of 1,10,00,000 equity shares to Aranda Investments (Mauritius) Pte Ltd at a price of Rs 295 per equity share, including a premium of Rs 285 per equity share, aggregating to Rs 3,245 million," Oberoi Realty said in a filing to the BSE.

Last month, the company's board had approved the allotment of shares to Aranda Investments.

The company has reported a 24 per cent increase in consolidated net profit at Rs 79.57 crore for the first quarter of 2015-16 as against Rs 64.33 crore in the corresponding period a year ago.

Total income of the company rose to Rs 215.78 crore during the first quarter of 2015-16 from Rs 181.85 crore in the corresponding period of the previous year.

The Mumbai-based real estate player has developed over 36 projects aggregating about 6.5 million square feet of space.

Another 24 million square feet of projects are in various stages of development.