Purvankara Board Approves Rs 1,000-Crore Fundraising Through QIP

The board of directors of Purvankara Ltd. on Thursday 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.

The real estate company will raise funds by issuing equity shares, debentures or preference shares, the company said in its exchange filing on Thursday. The company has yet to finalise and approve the terms of the issue.

The fundraise will be in one or more tranches after the board finalises the terms of the QIP. It will be subject to shareholder approval, which will be conducted via postal ballot.

Shares of Purvankara closed 2% lower at Rs 434.80, as compared with a 0.27% advance in the BSE Sensex.