Puranik Builders is in final phase of raising Rs 225 crore from IndoStar Capital Finance, a non-banking financial company (NBFC).
The entire process of this deal is expected to close, comprising transaction, in a few coming weeks. The fund will be used for the development of Puranik’s two residential projects – Rumah Bali and GB One – located in Thane, Mumbai.
Those two projects are slated to be completed by 2019. Launched in 2012, Rumah Bali is coming up with seven buildings which are spread over 10 acres of land incorporating the theme of Bali island of Indonesia. GB One is a dream project of building a 17-storey residential-cum-commercial tower.
IndoStar Capital Finance provides customised financial services in the form of structured term finance to corporates and loan against property to borrowers in the small and medium enterprises (SME) sector. The NBFC is promoted few big investors like Everstone Capital and Goldman Sachs.