Novaland Group seeks 8,000 billion VND through share issuance

Novaland Group (NVL) is undergoing a major capital mobilization effort, planning to issue approximately 800.7 million shares to existing shareholders at 10,000 VND per share. This rights issue, with a 3:1 ratio, aims to raise over 8,000 billion VND.

The proceeds are primarily intended to manage financial obligations, including paying overdue debts and obligations at subsidiaries such as Nova Saigon Royal and No Va Thao Dien. Additionally, over 5,953 billion VND will be used to settle principal amounts for 13 tranches of issued bonds.

Following two consecutive sessions of hitting the floor price, NVL stock experienced a sudden reversal on September 30, the ex-rights date. Despite opening below 10,000 VND, strong buying interest helped the stock recover to approximately 10,200-10,250 VND. This recovery coincided with positive news regarding the Aqua City project, where the Dong Nai People's Committee approved land price decisions that significantly reduce additional land use fee pressures for seven out of eight sub-zones.