Puravankara Limited has informed the Exchange about issue of NCDs.
PURVA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Puravankara Limited's board, at its meeting on May 16, 2025, approved raising up to ₹300 Crores through the issuance of 3,000 secured, redeemable, unlisted, unrated non-convertible debentures (NCDs) on a private placement basis. Each NCD has a face value of ₹10 lakh, issued at par, with a tenure of 60 months and a deemed allotment date of June 20, 2025. The interest rate (coupon) and security details have not been disclosed in this filing and will be set out in the PAS-4 document. Separately, the board appointed Mr. Mallanna Sasalu as CEO-South (Senior Managerial Personnel), effective May 9, 2025. Mr. Mallanna brings over 32 years of real estate experience and is currently scaling Provident Housing Ltd., a material subsidiary of Puravankara.
The ₹300 Crore NCD raise will increase the company's debt burden but provides funding for business operations or growth; existing equity shareholders are not diluted since these are non-convertible instruments. The coupon rate will be key — a high yield could pressure profitability, while a competitive rate signals balance sheet strength. The new CEO-South appointment strengthens leadership for the company's southern India and Provident Housing operations.