Sobha Developers all set to broaden its horizons

November 23, 2006	(Be the first to rate this story!)  Loading ...
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After witnessing unprecedented growth and making a substantial presence in the Bangalore real estate, Sobha Developers has sought to spread its wings geographically by mobilizing its construction business in 12 more cities in 2007.

The projects will be developed in the cities including Hyderabad, Mysore, Pune, Chennai, Mumbai, Mangalore, Thrissur, Coimbatore, Jaipur, Goa, and National capital Region.

Reeling in a new phase of growth, this Rs 117 crore conglomerate plans to add to its series of acquisitions by developing hotels, integrated townships, malls, multiplexes, shopping arcades, SEZs, and plot development.

Sobha Developers was recently in the news highlights for hitting the capital market by raising upto Rs 570 crore from its IPO to fund its existing projects, land acquisition, and  repayment of loans. The IPO would offer 88, 93,332 equity shares of Rs 10 each at a price band of Rs 550-640 per equity share through the 100 per cent book building process.

JK Nazerath, director of sales department, SDL, said the company already possesses land reserves aggregating 2,747 acres in Bangalore, Mysore, Pune, Chennai, Kochi, Thrissur, and Coimbatore and is planning about purchasing the land in the left out projected cities.

Also, the company is open to entering into joint ventures, as similar to the special purpose vehicle formed with Reliance Energy to construct business district and trade towers for AP Industrial Infrastructure Corporation in Hyderabad.

News Published Under:   Real Estate Developers |

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