Mahindra Lifespaces Developers Limited said its board has approved fund raise of up to Rs 1,500 crore through Rights Issue to the eligible shareholders of the company.
“The proceeds will be utilized to pare down MLDL’s existing debt and support its future growth plans,” the company said in a regulatory filing.
The company added it has significantly scaled up its business development efforts in its residential business. Year to date GDV additions is over Rs 16000 Crore (vs. Rs 4,400 Crore during FY24).
“GDV scale up has been achieved through internal accruals and debt, while maintaining a healthy Net Debt to Equity ratio of 0.5x (as of Dec’24).”
The residential real estate market continues to be buoyant driven by strong growth in absorption and new launches.
“MLDL has sharpened its focus on premium / mid-premium segment of the market, which continues to grow at a steady rate, across its key markets, MMR, Pune and Bengaluru.”
The company sold Rs 334 crore worth of residential properties in Q3 FY25 as against 443 crore in the same period last year.
Collections dropped to Rs 366 crore in Q3 FY25 as compared to Rs 386 crore in the same period last year.
The company recorded a consolidated net loss of Rs 23 crore in Q3 FY25 as compared to a profit of Rs 50 crore in the same period last year.
Consolidated revenue rose to Rs 186 crore in Q3 FY25 as compared to Rs 89 crore in the same period last year.
Mahindra Lifespace Developers Ltd. development footprint spans 39.44 million sq. ft. (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.
