Sobha Developers to raise Rs 3,500-mn through rights issue

Mumbai: Bangalore-based real estate major Sobha Developers is planning to raise Rs 350 crore through a rights issue, which will be used for general business purposes.

The company has convened an extraordinary general meeting (EGM) on September 22 to get shareholders’ approvals for the rights issue, Sobha Developers informed the BSE.

The company will use the proceeds for general corporate purposes, including working capital, acquiring land and other needs.