Supertech to Raise Rs 1,600 Cr for 18 Ongoing Housing Projects in NCR
Realty firm Supertech Ltd plans to raise around Rs 1,600 crore from institutional investors by July to complete its 18 ongoing housing projects across Delhi-NCR. The company has signed a term sheet with investors to raise this interim funding, and due diligence is currently undergoing, Arora said, but did not share the name of the investors. There are 18 ongoing housing projects under Supertech Ltd, comprising around 50,000 apartments. It needs to give possession of 17,000 flats to existing customers and the company intends to hand over these flats over the next two years. The company needs Rs 3,000 crore to complete the pending work in these ongoing 18 projects. It has receivables of around Rs 2,500 crore from customers against the sold units. Moreover, it has unsold units worth Rs 10,000 crore in these projects. The bank loans and dues of development authorities would be around Rs 3,000 crore. This proposed interim funding will be utilised for construction. The collections from sold units and units to be sold will be used to clear outstanding amounts of existing banks and NBFCs, new investors, and authorities. Also, as these projects are net worth positive, the company would be able to complete them with the help of fresh funding and receivables from customers. In March last year, the Delhi bench of the National Company Law Tribunal (NCLT) had ordered to initiate the insolvency proceedings against Supertech Ltd over a petition filed by the Union Bank of India for non-payment of dues of around Rs 432 crore. However, this was challenged by Supertech promoter Arora before the NCLAT.
Tags : Realty firm Supertech Ltd plans raise institutional investors housing projects Delhi-NCR funding apartments flats customers company development authorities units National Company Law Tribunal