New Delhi: Realty firm Gaurs Group on Monday said it has raised Rs 440 crore through issue of debentures for land acquisitions, repay costly loans and build projects. In a statement, the Delhi-NCR based Group said the company has completed its "first public issuance of non-convertible debentures (NCDs), raising Rs 440 crore". The issue was fully subscribed by three leading mutual funds in the country.
The debentures, issued by the group's holding company Gaursons India Pvt Ltd, will be listed on the National Stock Exchange (NSE). "The successful subscription of the NCD issue underscores the group's financial resilience and its growing credibility with institutional investors. It also provides us with greater flexibility to support expansion while maintaining a prudent capital structure," Gaurs Group Director Sarthak Gaur said.
The amount will be used business requirements, including land acquisition, construction and project execution, repayment of higher-cost borrowings, and general corporate purposes. Gaurs Group has so far developed more than 100 million sq ft area. It has delivered 75,000 units, and 70 projects, including three townships. Gaurs Group is one of the leading real estate developers in the Delhi-NCR.
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