Puravankara shares rose about 2 per cent on Friday after the company’s board granted in‐principle approval to raise funds through QIP up to ₹1,000 crore.
According to the stock exchange disclosure, the instruments to be issued under QIP may be equity shares, debentures (NCD/PCD/FCD) or preference shares.
The board also approved providing a corporate guarantee in favour of Piramal Enterprises for a rupee term loan facility of ₹90 crore to be obtained by Provident Housing Ltd, a wholly-owned subsidiary, to meet the cost of acquisition of a project land situated at Dabolim, Goa.
Puravankara stock price rose 1.16 per cent on the NSE, trading at ₹440.40 as of 11.31 am.