Satra Properties plans to raise Rs 700 cr

MUMBAI: Real estate developer Satra Properties on Thursday said it plans to raise Rs 700 crore from domestic or international markets.

The amount would be raised through various securities including issue of Foreign Currency Convertible Bonds (FCCBs), it said in a filing to the Bombay Stock Exchange.

In addition, the company intends to issue bonus shares in the ratio of 2:1 worth Rs 20.71 crore. The company would also invest Rs 50 crore in Sharvan Developers Pvt Ltd by way of acquisition and subscription of shares, among others.

It also plans to increase the authorised share capital to Rs 50 crore from existing Rs 40 crore, the filing added.

These proposals are subject to approval of the shareholders through postal ballot and the board has appointed Hemanshu L Kapadia as the scrutiniser for the same.

The duly completed postal ballot form should reach the scrutiniser on or before December 27 and the results would be announced on January 3, 2008. Shares of the firm closed at Rs 282.75, down 3.61 per cent, at the BSE.