The recent fall was triggered by the company withdrawing its proposed preferential issue of 1,46,80,249 equity shares. The investors who were to participate have backed out. They cited volatile market conditions and the long gap since the proposal was first cleared.
The board approved the issue on August 30. Shareholders followed with their approval on September 23. The company applied for in-principle approval on September 2. Both BSE and NSE granted the approval on December 5.
SEBI rules required Hubtown to complete the allotment within fifteen days of receiving these approvals. With investors now unwilling to proceed, the company said the issue stands cancelled. No shares will be allotted.
Hubtown noted that the withdrawal will not affect its operations or financial stability. It may explore other fundraising options and will update stakeholders as needed.
Hubtown, based in Mumbai, is a real estate developer with a 35-year track record of building landmark projects across ultra-luxury, premium residential and commercial segments. The company holds one of the largest land banks in South Mumbai and has a diversified development pipeline across the MMR region.
On a consolidated basis, net profit of Hubtown rose 44.50% to Rs 24.06 crore while net sales rose 110.74% to Rs 208.51 crore in Q2 September 2025 over Q2 September 2024.