Sobha Developers gets shareholders nod to raise Rs1,500 crore

Sobha Developers gets shareholders nod to raise Rs1,500 crore
PTI
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First Published: Wed, Jun 17 2009. 04 31 PM IST
Updated: Wed, Jun 17 2009. 04 31 PM IST
Mumbai: Real estate firm Sobha Developers on Wednesday said that it has received approval from the shareholders of the company for raising Rs1,500 crore and hiking Foreign Institutional Investor (FII) limit to around 100% of the equity share capital of the company.
The company at its shareholders meeting has approved to raise Rs1,500 crore from domestic and international markets and also to increase the FIIs investment limit in the company to 100%, Sobha Developers said in a filing to the Bombay Stock Exchange.
The company would raise Rs1,500 crore from international markets by issuing shares through American Depository Receipts, Global Depository Receipts and from domestic routes through issuing warrants and debentures, the filing added.
Further, the company will increase the FII investment limit in the company to 100% of the paid-up capital for the time being,“provided that the equity shareholding of each FII on his own shall not exceed 10% of the total paid-up equity share capital of the company”, the filing added.
Shares of Sobha Developers were trading at Rs227.70, up 2.92% on the Bombay Stock Exchange (BSE).
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First Published: Wed, Jun 17 2009. 04 31 PM IST