Oberoi Realty gains after securing board nod for fund raising

Oberoi Realty rose 1.75% to Rs 302 at 11:04 IST on BSE after the board of directors of the company approved raising funds by way of issue of shares on preferential basis to Aranda Investments (Mauritius).

The announcement was made after market hours on Friday, 19 June 2015.

Meanwhile, the BSE Sensex was up 277.02 points, or 1.01%, to 27,593.19

On BSE, so far 10,091 shares were traded in the counter, compared with an average volume of 43,871 shares in the past one quarter.

The stock hit a high of Rs 307 and a low of Rs 301 so far during the day. The stock hit a record high of Rs 334 on 24 February 2015. The stock hit a 52-week low of Rs 203.05 on 16 October 2014.

The stock had underperformed the market over the past one month till 19 June 2015, falling 2.35% compared with 1.19% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 6.53% as against Sensex's 4.05% fall.

The mid-cap company has an equity capital of Rs 328.28 crore. Face value per share is Rs 10.

Oberoi Realty's board of directors at its meting held on Friday, 19 June 2015 approved raising funds through issue of up to 1.10 crore shares of Rs 10 each of the company for cash to Aranda Investments (Mauritius), (a non-promoter company and a deemed Foreign Portfolio Investor) having its office at CIM Corporate Services, Les Cascades, Edith Cavell Street, Port Louis, Mauritius, and a wholly owned indirect subsidiary of Temasek Holdings, on a preferential basis at a price of Rs 295 per share aggregating to approximately Rs 324.50 crore.

On a consolidated basis, Oberoi Realty's consolidated net profit rose 33.7% to Rs 103.02 crore on 54.4% rise in net sales to Rs 338.59 crore in Q4 March 2015 over Q4 March 2014.

Oberoi Realty is a real estate development company, headquartered in Mumbai, focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals.

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