The developer borrowed money to build 10 towers in Mumbai
In suburban Mumbai, Kalpataru Group mobilised Rs 525 crore for the construction of 10 towers. It borrowed the funds in the form of non-convertible debentures from the Asia Pragati Strategic Investment Fund, a global investing firm called PAG. It borrowed the funds based on an 18.75% internal rate of return.
Neither the PAG nor Kalpataru did not make a formal announcement about the deal.
Last month, Asia Pragati Strategic Investment Fund invested Rs 475 crore in the form of listed bonds and another Rs 49 crore through secured listed bonds. The bonds will expire on April 30, 2027.
The Kalpataru developer will use the funds to complete its project, Kalpataru Vivant, in the suburbs of Mumbai. It is estimated that it will cost Rs 750 to Rs 800 crore to complete 10 towers of the real estate project.
