Signature Global

Budget 2023: Co-working space companies want the Centre to reduce the rate of tax deducted at source on their services

Realty firm Signature Global, which plans to launch a public issue soon, has sold properties worth Rs 1,330 crore in the first half of this fiscal. The company had achieved sales bookings of Rs 2,590 crore in the entire previous financial year. Credit rating agency Icra has mentioned this in a report while reaffirming its rating with a stable outlook on Signature Global's term loans. Signature Global has got market regulator Sebi's nod to launch its Initial Public Offer (IPO) to raise up to Rs 1,000 crore for reducing debt and future expansion. The IPO comprises a fresh issue of equity shares and an offer for sale (OFS). In its report, Icra said the rating factors in the healthy sales velocity of the Signature Global Group's projects in 2021-22 and the first six months of this fiscal on the back of good response to the company's new project launches. The group sold a 5.46 million square feet area with a value of Rs 2,590 crore in FY22 and 1.84 million square feet for Rs 1,330 cr

The realtor will deliver the remaining 50 per cent of the units to customers in the second phase of the projects

The company proposes to utilise the net proceeds from the fresh issue towards payment of the debt, inorganic growth through land acquisitions and general corporate purposes

The company raised this fund from HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), a fund managed by HDFC Capital

In the last six years, Signature Global has launched more than 20 housing projects in Gurugram

The Centre has reduced GST on affordable housing to 1 per cent only and is providing an additional deduction of 1.5 lakh on interest paid on home loans

Signature Global is one of the key stakeholders of financial investment firm SMC Group