500 crore of investment for ASK group’s residential projects
ASK group was started in 2007 and is an independent wealth advisory and family office firm. This diversified financial services firm has managed to raise Rs 500 crore in structured debt from family offices and Ultra High net-worth individual partners.
Projects-
Now ASK Group fund corpus is at Rs 2,150 crore which will be used for five residential projects of 5-to10-lakh square feet located in four cities — Bangalore, Pune, NCR (National Capital Region) and Hyderabad. This fund was raised in the last 15 months and will be invested in these identified projects, each ranging between Rs 30 crore to Rs 150 crore.
Repayment-
The repayment term is between 24 to 30 months, and the money is lent at a coupon rate of 18 to 20 %. ASK Investment Holdings’ (a subsidiary of ASK group) CEO and MD Sunil Rohokale stated that the investors will be free from any worries as the developers of these projects have provided them with corporate and personal guarantees and post-dated cheques (PDC). This structured debt instrument is similar to non-convertible debentures (NCDs). This is a medium term debt instrument in which the money is borrowed at a fixed rate of interest and hence is protected against any inflation or market fluctuation.
Source- The Hindu Business Line
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