Shares of Sobha Ltd rose to a record high today after the board of the real estate major cleared the offer and issuance of equity shares for Rs 2,000 crore via a rights issue. Sobha shares climbed 7.5% to Rs 2219 against the previous close of Rs 2063.90 on BSE. Market cap of the firm climbed to Rs 20,423.63 crore.
The price of the rights issue has been fixed at Rs 1,651 per equity share, a discount of 25 percent, Sobha said. The rights issue will open on June 28 and will close on July 4.
The realty firm said six rights equity shares will be issued for every 47 fully paid-up equity share of the company held by the eligible equity shareholders.
Total 2898 shares of the firm changed hands amounting to a turnover of Rs 59.58 lakh on BSE.
Sobha stock has gained 284.71% in a year and risen 310% in 2024. The stock fell to 52-week low of Rs 521.80 on June 26, 2023.
Sobha stock has a one-year beta of 1, indicating average volatility during the period.
In terms of technicals, the relative strength index (RSI) of Sobha stands at 63, signaling it's trading neither in the overbought nor in the oversold territory. Shares of Sobha stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
In Q4 of the previous fiscal, net profit fell 85 percent year-on-year to Rs 7 crore. Revenue from operations, however, grew 37 percent YoY to Rs 763 crore. The realty major's consolidated EBITDA also slipped 46.5% year-on-year to Rs 62.1 crore. The Bengaluru-based firm's total income declined 36 percent YoY to Rs 791.25 crore from Rs 1,240.14 crore.