Shree Naman To Infuse Rs 50 Cr Capital To Complete Radius Infra Project
Radius Infra Holdings has a prime land parcel of nearly half an acre with development potential in Mumbai's Andheri area. The land parcel is set to be developed within 36 months under the NCLT approved resolution plan. The financially distressed Radius Infra Holdings was admitted into the corporate insolvency resolution process (CIRP) in May 2022. The defunct builder had admitted liabilities of about Rs1,050 crore, while the successful resolution applicant agreed to pay Rs180 crore to acquire the company. The transaction settles 17% of the total debt. Radius Infra Holdings has a prime land parcel of nearly half an acre with development potential in Mumbai's Andheri area. The land parcel is set to be developed within 36 months under the NCLT approved resolution plan. As per the tribunal's order, JC Flowers ARC holds 81.12% voting power in the committee of creditors (CoC) while the remaining 18.88% is held by Suraksha ARC. The CoC comprising financial lenders had backed the resolution plan. Naman Group is set to infuse working capital of Rs 50 crore to complete the project on a need basis over and above Rs180 crore under the resolution plan. Radius Infra Holdings, as the corporate guarantor for loans raised by its group companies, owed nearly Rs700 crore to Yes Bank. It had guaranteed the due repayment of loans sanctioned to ECommerce Magnum Solution and Raghuleela Builders by creating a pledge over shares.
Tags : Naman Group Radius Infra Holdings land parcel Mumbai project loans NCLT