Sobha Developers Ltd, Bangalore-based realty developer, is planning to raise Rs 350 crore through a rights issue.

According to sources, the company will conduct an extraordinary general meeting (EGM) on September 22 to get the required shareholders approvals for the rights issue. It plans to use the proceeds for general corporate purposes, including working capital, acquiring land and other needs.

Sobha Developers Limited operates as a real estate development and construction company in India. It develops and constructs residential and commercial properties, as well as undertakes contractual work for corporate customers.

In addition, the company also engages in the manufacture and retail of furniture and mattresses.

The company has posted a 24% growth in net profit at Rs 50.5 crore for the quarter ended June 30, 2008, compared to Rs 40.8 crore for the corresponding quarter last year.