Real estate dedicated private equity firm Red Fort Capital has invested Rs 365 crore ($57 million) in a Gurgaon-based project of privately held property developer Lotus Greens Developers Pvt Ltd. The news was first published in LegalEra.
The investment has been made in the form of private placement of listed non-convertible debentures (NCD) of Bright Buildtech Pvt Ltd (BBPL), a part of the Lotus Greens Developers. Brickwork Ratings (BWR) has assigned BWR B+ rating for the unsecured NCD issuance of BBPL, as per a note by the rating agency.
BBPL will undertake the plotted township project comprising over 100 acres in Sector 89 and 90 in New Gurgaon. It proposes to use the proceeds of the NCD issuance for the acquisition of development rights, land parcels, development and construction of township projects by the group.
The township is expected to be launched in the next quarter. The total cost of the project is Rs 1,489 crore to be funded by NCD proceeds and customer advances. Currently, advance discussions are on for acquiring development rights for two land parcels on which BPPL plans to undertake the township project.
BPPL is acquiring development rights for approximately 50.5 acres of land in Sector 89 and 90. Lotus Greens plans to develop the township which will comprise 2.18 million sq ft of residential development and 0.2 million sq ft of commercial development.
Nirmal Singh is the founder and director of little known Lotus Green Developers Pvt Ltd.
Leave Your Comment
5 years ago
Real estate dedicated private equity firm Red Fort Capital Advisors Pvt Ltd has...
4 years ago
Delhi NCR-based Three C Universal Developers Pvt Ltd, which operates under the...
4 years ago
Delhi-based listed realty major Ansal API is looking to raise Rs 500 crore (a...