Sobha Ltd to Launch Rs 2,000 Crore Rights Issue to Fund Expansion

Realty firm Sobha Ltd will launch a rights issue to raise up to Rs 2,000 crore. The funds will be used to reduce debt, purchase land and machinery, and meet project costs. The issue closes on July 4 with a price of Rs 1,651 per share.

Realty firm Sobha Ltd is set to debut a rights issue on Friday, aiming to raise up to Rs 2,000 crore primarily to slash debt and fund its burgeoning project portfolio.

Set to close on July 4, the rights issue features equity shares priced at Rs 1,651 each, including a premium.

Sobha Ltd plans to allocate Rs 905 crore for debt repayment, Rs 212.35 crore for project expenses, Rs 210 crore for equipment purchases, and Rs 658.58 crore for land acquisitions.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)