Adarsh Developers have received Rs 130 crore from Xander Finance, the non-banking finance arm of Xander Group, to continue development of their residential projects in Bengaluru. The deal is closed through debt financing.
With this deal, the builder added one more financial investors in its list to raise capital to fund projects. The company, till now, has raised around Rs 1,000 crore from three investors Edelweiss Group, HDFC Realty Fund and Altico Capital. The amount will be used in the construction of its five residential projects on the outer ring road in Bengaluru and acquiring lands.
Previously, Piramal Fund Management has invested around Rs 750 crore in Adarsh’s projects. The capital was invested into seven project out of which four are at completion stage, two are under construction and one is upcoming.
“We have already funded more than half of the total commitment of Rs 130 crore provided to Adarsh. This facility is for project development for their villa projects in and around south-east Bengaluru,“ says Amar Merani, CEO, Xander Finance.
Source: ET Realty