To lessen its debt levels, Sobha Developers Ltd is all set to raise long term capital during the current fiscal (FY10).

According to sources, the Bangalore-based realty developer is making talks with investors to build up some projects.

Moreover, it is also in the process of disposing land where projects cannot be launched in the near future.

The company has also adopted pioneering marketing, varying product mix targeted at the property buyers and cut expenses and perk up efficiencies.

The developer, which has projects in Karnataka, Kerala, Andhra Pradesh and Orissa amongst others, has 30 residential projects aggregating 9.3 million sq. ft. under construction.

At present, the company has more than 30 residential projects with a total area of 9.30 million square feet under construction and also 34 projects of 5.85 million sq ft under deals from Infosys and other companies.

The company announced a fall of 51.94% in its net profit for the year ended on March 31, 2009.

The company’s net during the year stood at Rs 109.7 crore, as against a net profit Rs 228.3 crore in FY 2008.

Total income of the company fell to Rs 974.7 crore from Rs 1429.2 crore in the last fiscal.

The company board of directors recommended a dividend of Re 1 per equity share of Rs 10 each.

At 12:16 p.m., the company’s stocks gained 9.6% at Rs 138 on the BSE. The total volume of the shares traded stood at 214,107 on BSE.