Mumbai-based Oberoi Realty on Thursday (October 10) said its board of directors has approved a proposal to raise up to ₹6,000 crore through various financial instruments.

In a meeting on Thursday, the board sanctioned this fundraising initiative, which will involve the issuance of equity shares, eligible securities, or other instruments in one or more tranches. The capital may be raised through private placements, including qualified institutional placements (QIP).

“…this is to inform you that the Board of Directors of the company at their meeting held on October 10, 2024, has considered and approved the proposal for enabling the raising of funds for an aggregate amount not exceeding ₹6,000 Crore by way of issuance of equity shares, eligible securities, other securities or instruments or any combination of securities, in one or more tranche or tranches,” according to a stock exchange filing.

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Oberoi Realty reported an 81.8% year-on-year (YoY) jump in net profit at ₹584.5 crore for the first quarter that ended June 30, 2024. In the corresponding quarter, Oberoi Realty posted a net profit of ₹321.6 crore, the company said in a regulatory filing.

The company’s revenue from operations increased 54.4% to ₹1,405.2 crore against ₹910 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA jumped 72% to ₹815.1 crore in the first quarter of this fiscal over ₹473.7 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 58% in the reporting quarter compared to 52% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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Shares of Oberoi Realty Ltd ended at ₹1,882.30, up by ₹47.90, or 2.61% on the BSE.