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Embassy Developments Ltd reported a consolidated net loss of INR 234.40 crore for the April-June quarter of the current financial year, widening from INR 165.64 crore in the corresponding period a year earlier. The company's total income also declined sharply to INR 241.28 crore from INR 694.05 crore in the year-ago quarter. Separately, the board approved a preferential allotment of convertible warrants worth INR 363 crore to Embassy Group at INR 111.51 per share. The issue price represents an 80% premium over both the prevailing market price and the regulatory floor price prescribed under Securities and Exchange Board of India regulations. Embassy Developments is engaged in residential and commercial development across Bengaluru, the Mumbai Metropolitan Region, Delhi-NCR, Chennai and Indore.
Embassy Developments Ltd reported a consolidated net loss of INR 234.40 crore for the April-June quarter of the current financial year, compared with a net loss of INR 165.64 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.
The company's total income declined to INR 241.28 crore during the first quarter from INR 694.05 crore in the year-ago period, marking a substantial reduction in income over the comparable quarter.
Alongside the quarterly financial results, the board approved a preferential allotment of convertible warrants worth INR 363 crore to Embassy Group. The warrants will be issued at INR 111.51 per share.
The approved issue price represents an 80% premium over the prevailing market price as well as the regulatory floor price prescribed under Securities and Exchange Board of India (Sebi) regulations.
The preferential allotment forms part of the company's capital-related actions alongside its quarterly financial disclosures. Further details regarding the conversion of the warrants and the associated shareholding impact will be subject to the applicable regulatory and corporate processes.
Embassy Developments is among India's listed real estate developers and is engaged in the development of residential and commercial projects across major urban markets.
The company's operations span Bengaluru, the Mumbai Metropolitan Region (MMR), Delhi-NCR, Chennai and Indore. Its portfolio covers both residential and commercial real estate across these markets.
The decline in quarterly income coincided with the company's reported increase in consolidated net loss compared with the corresponding period of the previous financial year. The results and the proposed preferential issue provide separate updates on the company's financial performance and capital structure during the first quarter.
Source - PTI
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