Bangalore: Rs 400cr to be raised by Ansal Properties from Peninsula Brookfield
An amount of Rs 400 crore will be raised by Ansal Properties and Infrastructure Ltd from Peninsula Brookfield Investment Managers, which is a joint venture company of Peninsula Land Ltd and Brookfield Asset management. The money will apparently be raised by Ansal properties as structured debt via the non-convertible debenture (NCD) route.
With Peninsula Brookfield having assets worth Rs 1,000 crore under management, the Rs 400 crore amount will be deployed by the company to Ansal Properties from its sole fund – Peninsula Brookfield India Real estate Fund.
According to two unidentified sources familiar with the matter, the transaction between Ansal Properties and Peninsula Brookfield is currently in the last stage of completion.
The Rs 400-crore amount which Ansal is set to raise from Peninsula Brookfield will largely go towards the completion of the company’s ‘Metropolis’ project in Greater Noida — a massive 2,500-acre development which it initiated in 2009. The presently-under-construction project will be completed in 5-6 years.
Revealing that the Rs 400-crore amount will be used by Ansal Properties for “a mix of things,” a company executive said on the condition of anonymity that while some of the capital to be raised wi ll be used for project development; some part of it will be used for “refinancing earlier loans on the project which will be maturing soon.”
Source – Mint
Ansal Properties and Infrastructure Ltd, Brookfield Asset Management, NCD (non-convertible debenture), Non-Convertible Debentures, Peninsula Brookfield having assets worth Rs 1000 crore
