Panchshil Corporate Park has received Rs 375 crore through private placement of non-convertible debentures (NCDs). The commercial real estate firm Panchshil Realty which owns Panchshil Corporate Park will also have an option to raise additional Rs 100 crore later.
The private placement is done with 7-years contract with 8.33 per cent interest rate in which Standard Chartered Bank will be acting as lead arranger.
The company offered its project Business Bay on Airport Road as a security to raise the money. Business Bay is developed over 1.79 million sq. ft. that includes upcoming Ritz-Carlton property. The project is under construction and expected to be completed by 2019 with 200 rooms.
Panchshil Realty is planning use the net amount refinancing the existing debt and the development of its hospitality project in Pune which is currently operated and managed by the Ritz-Carlton, a super-luxury hotel. The hotel is located in Poonawalla Business Bay on airport road.
Source: ET Realty