Tata Housing Raises Rs300 Crore through NCDs
OREANDA-NEWS. December 21, 2012. Tata Housing Development Company (Tata Housing), India’s fastest growing real estate development company, today announced that it has raised Rs300 crore by issuing non-convertible debentures (NCDs). The issue was subscribed by IDFC and a top mutual fund. The issuance is for maturity periods ranging from 3-5 years.
Commenting on the development, Brotin Banerjee, MD and CEO, Tata Housing, said, “Over the past five years, the company has grown exponentially, establishing itself as a leading pan-India real estate developer, with 60 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. We have an aggressive expansion plan spanning across all customer segments. Tata Housing has a long-term credit rating of AA from ICRA and CARE. This coupled with the company’s robust performance and sustainable business model has helped it raise funds at very competitive rates. The company also has the highest short-term credit rating of A1+, which has helped it raise funds in the commercial paper market at competitive rates.”
Recently, Portman Holdings, an Atlanta-based vertically integrated real estate development company and an investment and management company, invested in Tata Housing’s luxury project, The Promont, for a minority stake in the project.
“This (funds raised) will act as an impetus for growth and help the company to meet its aggressive expansion plans, catering to premium as well as the value end of the market,” Mr Banerjee added.
Established in 1984, Tata Housing is a closely held public limited company and a subsidiary of Tata Sons. Today, Tata Housing is developing large townships and differentiated theme based projects in major and mini metros. As a comprehensive real estate developer of choice, Tata Housing straddles across all consumer segments, from value to luxury housing, by offering products ranging from Rs5 lakh to Rs14 crore.
All projects developed by Tata Housing are certified sustainable green developments, designed by internationally renowned architects.
Комментарии