Sobha Developers surges on mobilizing Rs 526 crore through QIP

Bangalore-based real estate developer Sobha Developers is currently trading at Rs 227.50 per share, up 1.85 points or 0.82% on the BSE.

The stock opened at Rs 230 as against its previous day close at Rs 225.65 per share. Intraday, the counter touched a high and a low of Rs 232 per share and Rs 220 per share, respectively.

So far, 66,559 shares of the company have been traded on the BSE.

The group ‘B’ BSE 500 has touched its 52-week high of Rs 306.20 per share on August 6, 2008 and a 52-week low of Rs 67.45 per share on January 14, 2009.

The stock has declined by 5.96% since the past one week but declined by 6.26% in the last one month.

Bangalore-based real estate developer Sobha Developers has raised over Rs 526 crore via qualified institutional placement (QIP) route.

The company has allotted more than 2.51 crore equity shares of Rs 10 each to the institutional investors at Rs 209.40 per share.

The funds raised will be used to trim down the company’s outstanding debt portfolio of around Rs 1,850 crore.

Recently, the company had entered into a term sheet with Bangalore-based Purna Partners for infusing Rs 225 crore for the development of its projects in Bangalore and other cities.