Purvankara announces debt reduction worth Rs 450 cr

Realty firm Puravankara has announced the debt reduction of Rs 450 crore to strengthen the firms capital structure.

The net-debt to equity ratio will now decline 0.74, from December 31, 2016 level of 0.94.

The impact of this debt reduction will lead to approximately Rs 50 crore being saved on an annual basis, which will have a positive impact on the profits of the company.

Puravankara has sold a 19-acre land parcel in Hyderabad for Rs 475 crore to pharma company Hetero Group. The developer had bought this land way back in 2007-08, for Rs 403 crore.

The company has 31 million sq feet of projects which are completed and delivered and 25 million sq feet of projects which are under development.

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