NEW DELHI: The board of directors of Puravankara have approved to proceed to raise funds through qualified institutional placement (QIP) mode up to an amount not exceeding Rs 1,000 crore in one or more tranches, the company said in a BSE filing.
In a separate regulatory filing it informed that Provident Housing, a wholly-owned subsidiary of the company provided a corporate guarantee in favour of Piramal Enterprises for a Rupee Term loan facility of Rs. 90 crore to be obtained by Provident for the purpose of meeting the cost of acquisition of ~31.8 acres of land parcel situated at Dabolim, Goa.
Recently Purva Oak, a wholly-owned subsidiary of the company, had acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane.
The land has an estimated potential carpet area of 18.20 lakh sq ft and a potential gross development value (GDV) of Rs 4,000 crore over the project lifecycle.
