0

0

0

0

0

0

0

0

0

business | IST

Arvind SmartSpaces sees demand revival; targets Rs 1,000 cr topline by FY25

The board of Arvind SmartSpaces, on Friday, approved the allotment of 68.5 lakh equity shares, aggregating to about Rs 85 crore, to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and the promoters of ASL for Rs 124 per share. Kamal Singal, MD and CEO, Arvind SmartSpaces, discussed this further.

Realty firm, Arvind SmartSpaces Ltd (ASL) has raised around Rs 85 crore equity capital from HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and its promoters by way of preferential issue. The board of Arvind SmartSpaces, on Friday, approved the allotment of 68.5 lakh equity shares, aggregating to about Rs 85 crore, to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and the promoters of ASL for Rs 124 per share. Kamal Singal, MD and CEO, Arvind SmartSpaces, discussed this further.
HDFC Capital through their fund H-CARE-1 are investing Rs 50 crore and promoters are infusing Rs 35 crore. Singal said, “So, in total Rs 85 crore is coming to the company through this allotment. This money will be directly coming into the equity of the company, which is very encouraging. We have very strong internal accruals, we have a very significant headroom in terms of debt to be raised, and debt to equity ratio is less than 0.2 percent right now. As and when the need arises, further equity is on the cards.”
Also Read:
He further mentioned, “This marks the beginning of finding out new avenues of capital raising that we need for our growth requirements and we are happy about that.”
In terms of the market and growth potential for the company, he said, “Right now, we are executing 10 projects in 15 million square feet, we have already completed 10 projects in the past. Post-COVID, we see the market behaving in a very encouraging way, we have seen quite a strong traction across our projects.”
According to him, markets are fairly strong and have come back stronger than what was imagined.
“This capital is a big requirement; real estate is a capital-intensive business. We have figured out a very strong plan defining our growth momentum,” he said.
On topline, he stated, “Our idea is to grow the topline by 20-30 percent every year. We are building that kind of pipeline. In the medium-term, we hope that Rs 1,000 crore topline would be achievable in the next three-four years, which is by FY25.”
(With text inputs from PTI)
For the full interview, watch the accompanying video.