Provident Housing Ltd., a wholly owned subsidiary of Puravankara Ltd., has purchased owner's shares of land in Botanico project and owner's share of unit in Capella project in Bengaluru Rural.
PHL acquired the owner's shares of land in Botanico project for a total consideration of Rs 165 crore and the owner's shares of unit in Capella project for a total consideration of Rs 86 crore, according to an exchange filing on Tuesday.
On June 13, the board of directors of Purvankara approved the fundraising of Rs 1,000 crore through qualified institutional placement. The in-principle approval by the board is valid for one year, according to SEBI regulations.
Shares of Purvankara closed 5% higher at Rs 543.05 apiece on the BSE, as compared to a 0.04% decline in the Sensex.
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