Bangalore-based Sobha Developers Ltd has raised an additional $10 million Dubai's Pan Atlantic LLC for its project in Hosahalli, Bangalore South. The Bangalore project is spread over 13.27 acres with total developable area of more than 1.7 million square feet of residential township, Sobha informed the Bombay Stock Exchange. This follows $10 million investment by the same company in July this year.
Pan Atlantic had invested $10 million for 40% participation interest in the venture with Sobha Developers at that time. Sobha Developers is also planning to raise Rs 350 crore through a rights issue, which will be used for general business purposes. The company has called for a EGM on September 22. Sobha Developers has a market capitalisation of Rs 1745 crore and is trading at Rs 239 at the close of markets.
