Kalpataru Group Raises Rs 525 Cr Debt Facilities From PAG
Kalpataru Group Company has raised Rs 525 crore debt facilities from PAG, a global alternative investment firm, for a term of 3.5 years to complete the construction of its 10 residential towers in Mumbai suburb, Maharashtra.
The company has received all the approvals for the eight towers, and the third floor for the remaining two towers at end-September 2023. Asia Pragati Strategic Investment Fund (APSIF), managed by PAG, provided the debt in two tranches in the form of non-convertible debentures (NCD).
PAG provided debt facilities to Alder Residency (ARPL), a wholly-owned subsidiary of Abhiruchi Orchards (AOPL), a wholly-owned company of Kalpataru. The board of Alder Residency had passed a resolution in October to raise Rs 620 crore in the form of NCD.
Apart from this, the fund has a first-rank exclusive charge of the registere d mortgage and development rights of the property.
Tags : Kalpataru Group global alternative investment firm non-convertible debentures Alder Residency Abhiruchi Orchards