Mumbai, Aug. 6 -- BSE-listed Grovy India has raised Rs 150.1 million through a preferential issue of equity shares to support its expansion plans in the South Delhi real estate market.
The company's board-approved preferential issue committee allotted 4.17 million equity shares of Rs 10 face value, raising Rs 150.1 million. Following the allotment, the company's paid-up equity share capital has increased to Rs 175.1 million, comprising 17.51 million equity shares.
Grovy India said the participation of promoters and investors reflects confidence in its execution capabilities, growth strategy and position in South Delhi's residential real estate market.
Ankur Jalan, Director, Grovy India, said the capital raise reinforces the company's strategy of developing luxury residential projects in one of India's premium housing markets. He added that the company aims to scale execution to 20-25 projects annually over the next three years, subject to market conditions and project availability.
The company is currently executing residential projects spanning 183,000 sq ft across South Delhi, with deliveries scheduled between Q3 FY27 and Q4 FY28. During Q1 FY27, it also acquired new residential projects covering approximately 50,000 sq ft in the region.
Grovy India plans to raise a total of Rs 400 million by the end of FY27.
For Q1 FY27, the company reported a 74 per cent year-on-year increase in net profit to Rs 19 million, while revenue rose 233 per cent to Rs 275.8 million.
Published by HT Digital Content Services with permission from Construction World.