EFC (I) raises Rs 273.74 crore by issue of equity shares, Real Estate News, ET RealEstate

December 1, 2023
1 min read
efc i raises rs 273 74 crore by issue of equity shares

NEW DELHI: EFC (I) has raised Rs 273.74 crore through fresh issue of the capital by way of issue of equity shares for the purpose of business expansion, working capital and general corporate purposes, the company said in a BSE filing.

“The company propose fresh issue of 97,07,383 equity shares of face value of Rs. 2 each at an issue price of Rs. 282 per equity share aggregating to Rs. 273,74,82,006 on the preferential allotment of shares,” it said in the regulatory filing.

The board of directors approved the preferential issue and allotment of 97,07,383 of equity shares of face value of Rs. 2 each through preferential basis to non-promoters, which will be subscribed by 123 investors.

Sageone Flagship Growth 2 Fund has subscribed to 7,47,340 equity shares, Zerodha Broking has subscribed to 5,31,915, Vanaja Sunder Iyer has subscribed to 8,86,525, Forbes EMF has subscribed to 7,50,000, Kamath Associate has subscribed to 1,32,979, among others.

To accommodate the fresh issue of the capital, the company needs to increase its authorized capital from Rs. 10 crore to Rs 15 crore.

The board also approved the scheme of amalgamation of Whitehills Interior, a subsidiary company, with EFC (I) and issue of shares on a swap basis. Presently, the in-principle approval of the scheme is pending before the stock exchange.

The company recently said that it plans to triple its seat capacity to 92,000 by adding around 60,000 seats over the next three years. It seat capacity increased from 18,000 in FY23 to 32,000 as of September 2023.

EFC (I) operates across seven cities spanning over 35 centres totalling over 1.5 million sq. ft. of area. The company charges Rs 6,000 to Rs 10,000 per desk from its customers.

The company reported a total revenue of Rs 155.98 crore for the half year ended September 30, 2023, with an EBITDA of Rs 71.03 crores and a net profit of Rs 14.25 crore. It is expecting to add 1.5 million to 2 million sq. ft. of spaces every year and close FY24 and FY26 with total revenue of about Rs 400 crore and Rs. 1,000 crore, respectively.

  • Published On Dec 1, 2023 at 06:30 PM IST

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