Signatureglobal (India) has reported net consolidated loss after tax of Rs 19.92 crore during the quarter ended September 30, 2023. It had registered loss after tax of Rs 59.25 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 121.16 crore in Q2 FY24, a dip of 10.70 per cent from Rs 135.68 crore it recorded in the similar quarter last year.The board of directors of the company have approved to execute a share purchase agreement with the existing shareholders of Gurugram Commercity (GCPL) to acquire 100% equity share capital of GCPL, which owns/will own prior to the completion of the acquisition, land parcels admeasuring about 25.14 acres, situated at sector-71, Gurugram.
The land has a development potential of approximately 5.49 million sq ft and will be developed as a mixed use project comprising of housing and commercial components. The transaction is expected to be complete in 6-9 months.
The acquisition of GCPL is being made at an enterprise value of Rs 495 crore. The company expects to incur a total capital expenditure on land and approvals of approximately Rs 750 crore which includes the said enterprise value and payment of various approval charges to government authorities.
During the quarter and six months period ended September 30, 2023, the company has completed its Initial Public Offer (IPO) of 18,961,038 equity shares having face value of Rs 1 each at an issue price of Rs. 385 per equity share (including share premium of Rs. 384 per share), comprising offer for sale of 3,298.701 shares by selling shareholder aggregating to Rs 127 crore and a fresh issue of 15,662,337 shares aggregating to Rs. 603 crore.
During the half year ended September 30, 2023, the company reported pre-sales of Rs 1,861.4 crore showing growth of 37.6% year-on-year and collections of 1,327.5 crore. For Q2 FY24, the pre-sales grew 4.2% to Rs 981.6 crore and collections were at Rs 723.6 crore.
Its net debt reduced to Rs 362.41 crore in H1 FY24 from Rs 1,093.89 crore at the end of FY23.
