Puravankara reduces debt by Rs 450 crore
Amir Shaikh / 03 Apr 2017
The debt reduction plan is in line with the strategy of the company to unlock value for the stakeholders and create opportunities for growth.
Puravankara Ltd., a real estate company, recently pared its debt by Rs 450 crore. The company expects this debt reduction will help to strengthen its balance sheet and capital structure. Also, this debt reduction will reduce its net debt-equity ratio to 0.74 from current 0.94 as on December 31, 2016.
Furthermore, this move will help the company to boost its profitability going forward, as debt reduction will lead to interest cost saving of around Rs 50 crore annually.
Post exit of investment of land in Raidurg Village, Panamaktha, Hyderabad including the sale of shares in its three wholly owned subsidiaries, company received Rs 475 crore and same fund has been utilised for paring debt.
The debt reduction plan is in line with the strategy of the company to unlock value for the stakeholders and create opportunities for growth.
The company has 30.72 million square feet of projects completed and delivered; and 24.92 million square feet of projects which are under development. The total land assets of the company are 75 million square feet.
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