Oberoi Realty posts over 4-week intraday low

Reuters June 14 | Updated on June 14, 2018 Published on June 14, 2018

Shares of Oberoi Realty Ltd dropped as much as 3.6 per cent to Rs 508, their lowest since June 11. The stock posted its biggest intraday percentage loss since May 15.

The company had said in a stock filing on Wednesday said that it has launched a qualified institutional placement to raise up to Rs 1,200 crore ($177 million) at a floor price of Rs 509.29. The floor price represents a 3.4 per cent discount to the pre-deal close of Rs 527.40.

JM Financial and Morgan Stanley are the bookrunners to the issue. Oberoi stock had risen nearly 10 per cent this year up to Wednesday's close.

Oberoi develops residential and commercial projects in Mumbai. The company had reported a profit-after-tax of Rs 460 crore in the financial year that ended on March 31, 2018, up from Rs 380 crore in 2017. Oberoi Realty shares weree up 6.3 per cent year to date.

Published on June 14, 2018

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!


Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.