Mumbai, Sep 23 : Real estate firm Sobha Developers today said it will raise up to Rs 350 crore funds by issuing equity shares to existing shareholders on rights basis.
The company took a decision in this regard during its meeting held yesterday, a company filing to the the Bombay Stock Exchange said.
The fund is being raised to meet various business requirements of the company, it added. The ratio of rights issue would be determined by the board of directors later as per the market regulator SEBI s guidelines, the filing said.
Recently, the company had announced receiving an additional USD 10 million (about Rs 46 crore) of foreign investment for its residential project in Bangalore.
Shares of the company closed at Rs 196.95, down 1.92 per cent on the BSE.
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