Puravankara shares debut 1.5% below issue price

Puravankara shares debut 1.5% below issue price
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First Published: Thu, Aug 30 2007. 11 12 AM IST
Updated: Thu, Aug 30 2007. 11 12 AM IST
By SSA
Mumbai: Shares in real estate firm Puravankara Projects Ltd listed on 30 August at Rs394, down 1.5% from the issue price of Rs400.
The shares were trading at Rs382.50 at 10:35 am on the BSE, after touching a low of Rs362.60.
The company expects a net profit of Rs300 crore for 2007/08, Ravi Ramu, director, finance, said on a news channel.
He said 57% of the company’s projects had already been sold out, which resulted in about Rs600 crore in net profit being locked in.
“We have a very rosy two-and-a-half years-confirmed, locked in sales book, not just an order book,” Ramu said.
The Bangalore-based firm raised Rs860 crore from its 21.50-million-share public offer, to part-fund land acquisition and to repay debt.
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First Published: Thu, Aug 30 2007. 11 12 AM IST
More Topics: Puravankara | Real Estate | Money Matters | IPOs |