By: S Anuradha
SINGAPORE: India’s Oberoi Realty has hired JM Financial and Morgan Stanley to manage a qualified institutional placement of up to US$200m, a person with knowledge of the transaction said. The company recently obtained shareholder approval to sell shares for up to Rs20bn (US$296m).
The timing of the sale has not been finalized. Oberoi develops residential and commercial projects in India’s financial capital Mumbai.
The company reported a profit after tax of Rs4.6 billion in the financial year that ended on March 31 2018, up from Rs3.8 billion in 2017. Oberoi Realty shares are up 6.9% year to date.
Source: Reuters (Editing by Steve Garton)