On October 10, Oberoi Realty’s Board approved a plan to raise up to Rs 6,000 crore through the issuance of equity shares or other securities. The fundraising will be done in tranches via private placements, including the option of a Qualified Institutions Placement (QIP), with the price being determined based on prevailing market conditions and other relevant factors.
The company is preparing for heightened competition in the Mumbai Metropolitan Region, particularly in Thane, which is emerging as a high-growth market with larger project sizes becoming standard. Competitors like Raymond are also rolling out ambitious expansion plans in the region.
For instance, many developers in India have entered new markets that were not conventionally considered their strongholds in the post-pandemic period. For example, Oberoi Realty entered Noida with a recent land buy, and Gurugram-based DLF entered Mumbai’s real estate market. Godrej Properties, too, is expanding its presence in several tier-2 cities.
The stock of Oberoi Realty has returned 7 per cent in the last one month and has rallied 30 per cent year-to-date. For the quarter ended June, the company delivered net sales of Rs 1,405.16 crore, up 54.42 per cent year-on-year, while quarterly profit increased 81.73 per cent YoY to Rs 584.51 crore.
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