Puravankara Ltd.'s board of directors will hold a meeting on Friday to consider a proposal to raise funds of up to Rs 300 crore through secured, redeemable, unlisted and unrated non-convertible debentures.
The proposed funds will be raised in one or more tranches through a private placement basis, with a face value of Rs 10 lakh each, according to an exchange filing on Tuesday.
Shares of Puravankara closed 0.86% lower at Rs 233.98 apiece on the National Stock Exchange, compared to a 1.39% fall in the benchmark Nifty. The stock has fallen 34.98% in the last 12 months and 38.42% on a year-to-date basis.
Two analysts tracking the company recommend a 'buy' rating on the stock, according to Bloomberg data. The average of the 12-month analysts' price target implies a potential upside of 71%.
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