Signature Global Seeks Rs 875 Crore Funding Boost to Fuel Growth
Real estate developer Signature Global plans to raise up to Rs 875 crore via non-convertible debentures to refinance existing debt and expand operations. The company seeks shareholder approval after its board sanctioned the move. The funds will be used for debt refinancing and business growth.
- Country:
- India
Signature Global, a major player in India's real estate sector, announced plans to secure up to Rs 875 crore through the issuance of non-convertible debentures (NCDs) to finance debt refinancing and business expansion.
The company's board has approved the proposal, and Chairman Pradeep Kumar Aggarwal confirmed they will seek shareholder approval to proceed. The company plans to allocate Rs 450 crore for refinancing existing debt, with the remainder earmarked for growth initiatives.
Signature Global has scheduled a postal ballot to gain shareholder consent for the NCD issuance, increased borrowing limits, and security creation. With sales bookings positioning it as the fifth-largest listed real estate firm, Signature Global is pivoting towards mid-income and premium segments due to rising land costs.
(With inputs from agencies.)
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