Sunteck Realty Board Approves Fundraising Of Rs 2,250 Crore

The board of directors of Sunteck Realty Ltd. has approved the resolution to raise Rs 2,250 crore through private placement and issue of equity shares, after the approval of shareholders.

The real estate firm plans to raise Rs 1,500 crore through private placement basis in one or more tranches, the company said through an exchange filing on Thursday. It will raise Rs 750 crore by way of equity shares or other securities convertible into equity.

The company also approved the amalgamation of its wholly owned subsidiary companies—Starlight Systems Pvt. and Satguru Infocorp Services Pvt.—with Sunteck Realty.

Sunteck Realty reported a net profit of Rs 101.34 crore in the quarter-ended March, in comparison with a loss of Rs 27.94 crore, reported in the same period a year ago. Revenue for the quarter declined to Rs 434.99 crore.

Shares of Sunteck Realty closed 1.01% lower at Rs 475.25 apiece, as compared with a 0.95% fall in the benchmark NSE Nifty 50.