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Puravankara reports a net loss of 17cr in Q2 FY23

In its regulatory filing, Bengaluru based Puravankara has declared a net consolidated loss after tax of Rs 17.22 crores for the quarter ending September 30, 2022. Its profit after tax (PAT) for the same quarter was Rs 253 crores indicating a dip of almost 7 per cent when compared to the same period of the last fiscal year. The company has paid a final dividend of Rs 5/- per equity share for the fiscal year ending March 31, 2022, in September 2022 as authorized by the shareholders during the general meeting conducted in September 2022.

During the second quarter of this fiscal year, the company entered into an agreement with Vistra ITCL India (Trustee) and Purva Asset Management (Fund Manager) where the company and fund manager each committed to contribute up to a total of 10 crore rupees in capital. The money raised by the Trust will be used to fund investments in residential projects created by the firm and its affiliates, and the company has agreed to cover any deficit in the internal rate of return of 12 per cent for such investments.

Additionally, Puravankara became a sponsor of Purva Real Estate Fund (Trust) which is currently being managed by the Trustees. Apart from this, a total of Rs. 282 crores in secured, rated, redeemable, non-convertible debentures of Rs. 10 lakh each were issued by the company's wholly owned subsidiaries through private placement.

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