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Realty stock jumps 7.5% after company sets record date for rights issue

Published 13-06-2024, 03:25 pm
Realty stock jumps 7.5% after company sets record date for rights issue

The share price of this Real Estate firm gained by 7.5 percent to an Intraday high of Rs 2,219 per share on Thursday after the company approved equity shares through rights issues.

With a market capitalization of Rs 19,575 crores, at 2:00 pm ., the shares of Sobha (NS:SOBH) Ltd moved up around 5 percent, trading at Rs 2,160 a piece on Thursday’s afternoon session. Comparing today’s high of Rs 2,219 per share and to a previous close of Rs 2,063 per share, the shares surged by 7.5 percent.

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According to the company’s stock exchange filings, the board of directors of the company approved the proposal of equity shares of the Company by way of rights issue to the eligible equity shareholders of the Company.

The company intends to raise funds of up to Rs 2,000 crores through a Rights issue. A total of 12,107,981 Rights equity shares will be issued at a price of Rs 1,651 per share. The record date for this issuance of equity shares is set for Wednesday, June 19, 2024.

As for the financials of Sobha Ltd, On a year-on-year basis, the revenue from operations decreased by 6.4 percent from Rs. 3,310 crores in FY22-23 to Rs 3,097 crores in FY23-24. Also, the net profits of the firm decreased by 52.8 percent from Rs. 104 crores in FY22-23 to Rs 49 crores in FY23-24.

Comparing a few metrics, the net operating cash flow rose by 3 percent from Rs 1,056 crores in FY23 to Rs 1,090 crores in FY24. The net debt tumbled by 23 percent from Rs 1,640 crores to Rs 1,262 crores, along with the EBITDA down by 14 percent from Rs 462 crores to Rs 398 crores, all for the same time period.

The stock of this company generated multi-bagger returns of 284.94 percent over the past one year and 121.85 percent over the past 6 months.

As of March 2024, the firm’s shareholding pattern stood at 52.28 percent for promoters, 18.29 percent for the public, 11.88 percent for foreign institutional investors, and 17.55 percent for domestic institutional investors.

Sobha Limited, incorporated in 1995, is a real estate developer engaged in the construction to operations of townships, housing projects, commercial premises, and other related activities.

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Written By Zahal


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