Rodium files draft letter of offer with SEBI

Rodium Realty filed its draft letter of offer for a rights issue with capital market regulator SEBI.

Realty major Rodium Realty Ltd said it has filed its draft letter of offer for a rights issue with capital market regulator SEBI.

As per the draft letter of offer,existing shareholders of the company will be allotted two new equity shares for every three existing equity shares held by way of the rights issue,a press release issued here stated.

The funds raised will be used to meet the fund requirement of its ongoing and planned projects in Mumbai and for repayment of unsecured loans of the company,it said.

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Rodium’s Chairman and Managing Director Deepak Chheda said that “the company will use the funds to create premium projects at Mumbai.”

The ongoing and planned projects include X’czar,a residential project at Juhu-Vile Parle,X’enus,a residential-cum-commercial project at Matunga and X’point,a residential-cum-commercial project at Kandivali.

The land for these projects has been acquired and work on these projects has already commenced,the release said.

The company clocked a net profit of Rs 1.34 crore and a net sales of Rs 6.13 crore in the quarter ended September.

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