Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development business of the Mahindra Group, plans to raise Rs 1,500 crore by way of a rights issue. The proceeds will be utilized to pare down the company’s existing debt and support its growth plans.
The board of directors of the company approved fund raising by way of offer and issuance of fully paid-up equity shares of the company of face value of Rs 10 each for an amount not exceeding Rs 1,500 crore by way of a rights issue to the eligible equity shareholders of the company.
MLDL is focusing on the premium/mid-premium segment of the residential market across Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
It has scaled up its business development efforts in its residential business with year-to-date gross development value (GDV) additions of over Rs 16,000 crore as against Rs 4,400 crore added during FY24.
As of December 31, 2024, the company’s net debt-to-equity ratio stood at 0.5x.
