Ajmera Realty & Infra repays debt worth Rs 100 crore
equity offering of Rs 225 crore. With this, the company’s outstanding debt stands reduced at Rs 693 crore.
The debt reduction ahead of its scheduled due date is expected to help the company post better returns on grounds of lower interest payments on existing debt, the developer said in a regulatory filing.
“This is a strategic move towards de-leveraging...this exercise will help ease our debt-equity ratio and reinforce the management's commitment to higher growth and wealth creation for stakeholders. As a company, we are dedicated towards our commitment to attaining 5x growth, and this move is a significant contributor towards that goal,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd.
Along with this, the developer is planning to use the equity funds to accelerate its momentum for project launches, and to further strengthen its corporate functionalities.
The company has reported a 58% on-year growth in net profit at Rs 36 crore for the quarter ended September. Revenue for the period rose 38% from a year ago to Rs 204 crore. The company has onboarded key investors in its equity raise of Rs 225 crore on preferential allotment basis and closed its maiden private equity deal with domestic institutional investor during the quarter.
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