Sobha raises Rs 15 cr via NCDs; mops up Rs 80 cr this month

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Realty firm Sobha raised Rs 15 crore through private placement of non-convertible debentures to replace costlier debt.

The Bengaluru-based developer has raised Rs 80 crore this month through this route.

In a filing to the BSE, Sobha Ltd said it allotted secured redeemable non-convertible debentures aggregating to Rs 15 crore on private placement basis.

The amount has been raised at a coupon rate of 11.25 percent, it added.

In May last year, the company's board of directors had approved the issue of non-convertible debentures up to Rs 1,000 crore in multiple tranches.

"The company had earlier issued and allotted secured redeemable listed non-convertible debentures aggregating to Rs 265 crore on private placement basis.

"As on date, the total outstanding debentures including the present allotment is Rs 280 crore," Sobha said.

Earlier, Sobha Vice Chairman and Managing Director JC Sharma had said that the fund would be utilised to replace costlier debt.

The company's debt stood at around Rs 2,100 crore at the end of the third quarter of this fiscal.

Last month, Sobha reported 47 percent decline in consolidated net profit at Rs 32.1 crore for the quarter ended December due to lower sales. It had posted a profit of Rs 60.1 crore in the year-ago period.

Income from operations fell by 42 percent to Rs 399 crore during the third quarter of this fiscal from Rs 684.4 crore in the corresponding period of the previous fiscal.