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BSE-listed Grovy India Ltd has raised approximately INR 15.01 crore through a preferential issue of equity shares to support its expansion in South Delhi's residential real estate market. The company allotted over 41.69 lakh equity shares, increasing its paid-up share capital to INR 17.51 crore. Grovy said the funds will support business growth and project execution, with plans to raise a total of INR 40 crore by the end of FY27. The developer is currently executing residential projects covering around 1.83 lakh sq ft in South Delhi and recently added new projects spanning about 50,000 sq ft.
Grovy India Ltd has raised approximately INR 15.01 crore through a preferential issue of equity shares as part of its strategy to expand its residential development business in South Delhi. The BSE-listed developer announced on Thursday that its Board's preferential issue committee had approved the allotment of 41,69,433 equity shares with a face value of INR 10 each.
The preferential allotment amounts to INR 15,00,99,588 and has increased the company's paid-up equity share capital to INR 17,50,57,050, comprising 1,75,05,705 equity shares of INR 10 each.
According to the company, the capital raised will be utilised to support business expansion and strengthen its presence in South Delhi, where it has focused its residential development activities. Grovy stated that investor and promoter participation in the issue reflects confidence in the company's execution capabilities, development pipeline and position in the South Delhi residential market.
Director Ankur Jalan said the response to the preferential issue reflects investor confidence in the company's operating strategy and execution record. He added that the developer intends to continue expanding within South Delhi, where demand for premium residential developments has remained strong.
The company is currently executing residential projects covering approximately 1.83 lakh sq ft across various locations in South Delhi. These developments are scheduled for delivery between the third quarter of FY27 and the fourth quarter of FY28.
During the first quarter of FY27, Grovy also acquired new residential projects with a combined development area of around 50,000 sq ft in South Delhi, further expanding its future development pipeline.
The company stated that it aims to scale its development activity to between 20 and 25 projects annually over the next three years, subject to project availability and prevailing market conditions. It also plans to raise a total of INR 40 crore by the end of FY27 to support its expansion strategy.
Grovy reported improved financial performance during the first quarter of FY27. Net profit increased 74% year-on-year to INR 1.9 crore, while total revenue rose 233% year-on-year to INR 27.58 crore. On a sequential basis, the company recorded a 114% increase in net profit and a 249% rise in revenue compared with the previous quarter.
Established in 1985, Grovy India develops residential real estate projects with a primary focus on South Delhi. The company specialises in premium housing developments and continues to expand its project pipeline within the capital's established residential micro-markets.
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