Puravankara Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 06/05/2025 ,inter alia, to consider and approve the proposal for raising of funds ....
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Puravankara Limited's Board of Directors will meet on May 6, 2025, to consider and approve a proposal to raise up to INR 300 Crores. The funds will be raised through the issuance of up to 3,000 secured, redeemable, unlisted, unrated, non-convertible debentures (NCDs), each with a face value of INR 10 Lakhs. The NCDs will be issued at par on a private placement basis, in one or more tranches, subject to necessary regulatory and statutory approvals. This is a pure debt-raising exercise with no equity component, as the debentures are non-convertible.
Existing shareholders face no equity dilution since this is a debt instrument, but the company will take on additional debt obligations and interest expenses. The unrated nature of these NCDs may indicate a higher borrowing cost for the company.