Sobha Developers, Bangalore-based real estate developer, has announced that a meeting of its board of directors will be held on May 4 to consider the various alternatives available towards raising of additional capital. The company is evaluating offloading around 25 per cent stake through preferential allotment and is expected to also evaluate the QIP route. The company hopes to raise around Rs 350 crore.
Sobha has a debt of close to Rs 1,900 crore and is leveraged 1.6 times. The company is looking to sell around 200 acres of its 3,000 acre land bank in addition to roping in investors at various projects to settle debt. The company is also negotiating with 12 banks and financial institutions to restructure around Rs 850 crore of debt.
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