Sobha raises Rs 45 cr via debentures; Rs 125 cr in March

Realty firm Sobha Ltd today said it has raised Rs 45 crore through private placement of non-convertible debentures to replace costlier debt.

The Bengaluru-based developer has raised Rs 125 crore so far this month through NCDs.

"The company has on March 21, 2016 allotted secured redeemable non-convertible debentures aggregating to Rs 45 crore on private placement basis," Sobha said in a filing to the BSE.

"The company had earlier issued and allotted secured redeemable listed non-convertible debentures aggregating to Rs 280 crore on private placement basis. As on date the total outstanding debentures including the present allotment is Rs 325 crore," 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.

Earlier, Sobha Vice Chairman and Managing Director JC Sharma had said that the company was raising funds through NCDs 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 last fiscal.