Real estate company Mahindra Lifespace Developers plans to raise up to Rs 1,500 crore through issue of shares to eligible shareholders for reducing its debt as well as funding further growth.
The board of Mahindra Lifespaces Developers Ltd has approved the fund raise of up to Rs 1,500 crore through rights issue to the eligible shareholders of the company.
The proceeds will be utilised to pare down the company’s existing debt and support its future growth plans, according to a regulatory filing on February 13.
Mahindra Lifespace is the real estate and infrastructure development business of the Mahindra Group.
Recently, Mahindra Lifespace reported a consolidated net loss of Rs 22.47 crore for the quarter ended December 2024.
The company had posted a net profit of Rs 50.02 crore in the year-ago period.
Total income jumped to Rs 185.77 crore in the third quarter of this fiscal, from Rs 88.77 crore in the corresponding period of the preceding year.
Total expenses shot up to Rs 200.88 crore from Rs 125.12 crore a year ago.
Mahindra Lifespace development footprint spans 39.44 million square feet (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities.
It also has over 5,000 acres of ongoing and forthcoming projects at its integrated developments/industrial clusters across four locations.
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