NEW DELHI, Feb 15: Mahindra Lifespace Developers, a prominent real estate firm, is set to raise up to Rs 1,500 crore by issuing shares to eligible shareholders, primarily to decrease its debt and finance future growth initiatives.
The board of Mahindra Lifespace Developers Ltd has sanctioned a rights issue aimed at raising a total of Rs 1,500 crore for the eligible shareholders.
The funds generated will be directed towards alleviating the current debt levels of the company while also aiding in its upcoming growth strategies, as stated in a regulatory announcement made on February 13.
Mahindra Lifespace represents the real estate and infrastructure arm of the Mahindra Group.
Recently, Mahindra Lifespace disclosed a consolidated net loss of Rs 22.47 crore for the quarter ending December 2024.
This marks a significant decline from a net profit of Rs 50.02 crore reported in the corresponding quarter the previous year.
The total income surged to Rs 185.77 crore during the third quarter of the current fiscal year, compared to Rs 88.77 crore earned during the same quarter last year.
Meanwhile, total expenses escalated to Rs 200.88 crore, up from Rs 125.12 crore a year prior.
Mahindra Lifespace’s development activities encompass 39.44 million square feet (saleable area) of completed, ongoing, and planned residential projects spread across seven cities in India.
Additionally, the company has more than 5,000 acres dedicated to active and future projects in its integrated developments and industrial clusters across four different locations. (PTI)
