On Tuesday, the realty firm Prestige Estate Projects said that it has raised Rs 500 crore through issuing non-convertible debentures and the fund would be utilised for retiring high cost debt, expansion and acquisition.
Irfan Razack, company’s CMD said in a statement, “We are extremely pleased with the strong appetite for our credit from high quality investors in our debut non- convertible debentures issuance – demonstrating the strength of our credit profile”.
Venkat K Narayana, the Executive Director and Chief Financial Officer of Prestige Estates said that the transaction evinced strong interest from mutual funds.
He also added that “With this issuance, we have further diversified our funding sources and have established a credit curve across tenure buckets in the local fixed income market. Funds will be used for expansion, acquisition and retirement of high cost debt”.
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