Shares of Mumbai based real estate company Oberoi Realty closed the first session on exchanges at a premium. The stock settled at Rs 280.15, with a premium of 7.75% over an issue price of Rs 260 a share.
It has touched an intraday high of Rs 299 and low of Rs 271.10, which was the opening price. It traded with volumes of 4.1 crore equity shares on NSE.
On BSE, a share ended at Rs 282.95, after hitting a high of Rs 299 and low of Rs 269.80.
Oberoi raised Rs 1028.61 crore via offering of 395.62 lakh equity shares. Issue proceeds are proposed to be used for construction of ongoing projects and planned projects; acquisition of land or land development rights; and general corporate purposes.
Commenting on the ongoing projects, Vikas Oberoi, chairman and managing director of company said, they've got projects in Goregaon, Jogeshwari, Vikhroli Link Road (JVLR), Worli, Mulund. "All of them are going to continue to contribute both top-line and bottom-line," he believed.
Going forward, he expected to start work on the Mulund project as soon as the next month. "We see average realisation of Rs 10,000 per square feet at Mulund," he disclosed.
