Puravankara Projects, one of the leading realtors and builders in India, is planning to raise up to Rs 1500 crore by issuing non-convertible debentures (NCDs) for execution of its projects. The company has sought shareholders approval for raising funds and changing the name of the company through postal ballot. Earlier this month, the company reported 67% decline in consolidated net profit at Rs 10.24 crore for the quarter ended June 30, 2016. Its net profit stood at Rs 30.72 crore in the year-ago period.
Puravankara Projects is a leading real estate company in India, with significant presence in Bengaluru, kochi, Chennai, Hyderabad and Mysore.