Peninsula Land Raises Rs 100 Cr from Delta Corp

New Delhi, Nov 30 (PTI) Realty firm Peninsula Land Ltd on Thursday said its board has approved a proposal to raise Rs 100 crore by issuing preferential shares to Delta Corp.

In a regulatory filing, the company informed that its board approved the preferential issue to Delta Corp Ltd of 1.5 crore equity shares of face value of Rs 2 per share at an issue price of Rs 44 for an aggregate cash consideration of Rs 66 crore.

It also cleared the issuance of 77.27 lakh unsecured compulsorily convertible debentures(CCDs) of face value Rs 44 worth nearly Rs 34 crore.

Each CCD would be converted into 1 fully paid-up equity share of the company on April 16, 2025.

Peninsula Land and Delta Corp also plan to collaborate for developing commercial and residential projects in Mumbai and Goa by setting up a joint venture wherein Delta will be the majority partner and the company will be the development manager on an arm's length basis.

The two firms propose to "invest approximately Rs 250 crore in aggregate in this joint venture".

Peninsula Land Ltd, a part of the Ashok Piramal Group, has projects spanning Mumbai, Pune, Bangalore, Lonavala, Nashik, and Goa. The company has delivered over 10.6 million square feet of real estate across key Indian cities.