Non-banking financial company Capri Global Capital Ltd has invested Rs 36 crore ($5.3 million) in a project of public-listed developer Rodium Realty Ltd through the structured debt route, the developer said in a statement.
The investment has gone to a mixed use redevelopment project - X’point - which is located in Kandivali West, Mumbai. It offers 2 and 3 BHK apartments besides retail elements.
The proceeds will be used to speed up construction work, the firm said.
JLL was the advisor for the transaction.
“The funds from Capri will help us in timely achieving cash flows, maintaining construction pace and completing the project. We hope that this is one of the many fruitful transactions we will have in the future,” said Deepak Chheda, chairman and managing director, Rodium Realty.
“This investment is in line with our focus on providing funding to the mid-affordable housing segment. The idea is to extend financial support customised to the needs of today’s mid-sized developers focused on affordable to the mid segment, to help them pace up sales and deliver projects in a timely manner while maintaining quality,” said Rajesh Sharma, director, Capri Global Capital.
Promoted by Chheda, Harish Nisar, Rohit Dedhia and Shailesh Shah, the ongoing projects of Rodium Realty include X’point in Kandivali West, X’enus in Matunga and X’meadows in Bhiwandi.
Like this report? Sign up for our daily newsletter to get our top reports.