Oberoi Realty Ltd. is planning an up to 20.00 billion Indian rupee qualified institutional placement to repay debt and fund ongoing projects, Mint reported, citing unnamed sources.
The Mumbai developer is reported to have hired investment banks JM Financial and Morgan Stanley for the planned offering, which is expected to be launched "within the next few weeks," a source said, adding that the issuance is subject to market conditions.
A spokesperson for the developer declined to comment on the matter to the publication. Morgan Stanley also refused to comment, while JM Financial did not immediately respond to an email request from Mint.
At the company's June 5 annual general meeting, shareholders approved the board's proposal for a qualified institutional placement of equity shares and/or other convertible securities worth 20.00 billion rupees, maximum, as well as an up to 15.00 billion rupee private offering of nonconvertible debentures.
As of June 8, US$1 was equivalent to 67.54 Indian rupees.
