Peninsula Land Limited, a prominent real estate developer listed on the NSE and BSE, announced a proposed growth capital funding of INR 100 Cr, through the issuance of equity shares and CCDs to Delta Corp Ltd. This strategic collaboration is a testament to Peninsula Land's strong operational performance in the last five years which saw it reduce its debt by approx 90% (over INR 2200 Cr) and deliver more than 1800 units in the same period.
In addition, Peninsula Land and Delta Corp have proposed a joint venture with a combined investment of INR 250 Cr. Delta Corp would be the majority partner in the proposed joint venture and Peninsula Land Ltd would be the development manager (DM) for projects undertaken. The JV will be set up in due course.
Mr Rajeev Piramal, Vice Chairman and Managing Director of Peninsula Land Limited, stated, "Over the past few years, Peninsula Land has executed a clear strategic vision to execute projects and reduce debt through operational excellence and strong corporate governance protocol. I am thrilled to announce a new phase of growth with Delta Corp that will allow us to unlock the immense value that exists in the real estate sector today.
In the residential segment, we have built, sold and handed over homes ranging from INR 20 lakhs in the affordable category to INR 50 Cr in the super luxury category across several products including apartments, row houses, plots and villas. Hence, the depth and breadth of our operational capabilities across asset classes combined with the catalyst of this growth capital will enable us to continue our growth trajectory and create more value for our stakeholders."
Mr Jaydev Mody, Chairman Delta Corp Limited, stated, "Today, India's real estate sector is poised for growth and presents attractive opportunities to businesses. The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. Via this strategic venture with Peninsula Land, Delta is perfectly positioned to take advantage of this new phase of growth in India's realty space."
Shares of Peninsula Land Limited was last trading in BSE at Rs. 46.32 as compared to the previous close of Rs. 46.91. The total number of shares traded during the day was 94709 in over 1463 trades.
The stock hit an intraday high of Rs. 47.91 and intraday low of 45.46. The net turnover during the day was Rs. 4422549.00. |
