Sobha Developers Ltd has disposed of land to raise funds for its operations and deleverage its balance sheet.
In the third quarter of the current fiscal, the Bangalore-based property developer was able to sell 8 acres of its land parcel in Bangalore to raise Rs 54 crore in the December quarter.
In the current quarter, the company expects to raise Rs 150 crore through more land sales which include the islands it had bought in Kerala and land parcels in Pune and Bangalore.
In the next financial year, it plans to raise another Rs 250 crore through further monetisation of its land assets.
More : dnaindia.com
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