Tata Housing raises Rs 300 cr through NCDs

A A

Agencies: New Delhi, Dec 11 2012, 20:57 IST

Tata Housing Development Company today said it has raised Rs 300 crore through issue of Non- Convertible Debentures (NCDs) and would utilise the funds for the company's further growth.

The issue was subscribed by IDFC and a top mutual fund. The maturity periods of NCDs range from 3-5 years, Tata Housing, a subsidiary of Tata Sons, said in a statement.

"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 value end of the market," company's Managing Director and CEO Brotin Banerjee said.

Recently, Tata Housing has raised about Rs 65 crore from US-based Portman Holdings for its luxury project "The Promont" in Bangalore by diluting about 25 per cent stake in the project.

The company currently has 60 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. It has presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar.

Tata Housing has projects in Maldives and Sri Lanka as well. "We have an aggressive expansion plan spanning across all customer segments," Banerjee said.

Ads by Google

Tatas to launch rental housing project near Mumbai Tata Housing launches its retail brand 'GoodLife'Quick view : Wave to invest R4,000 cr to build township in Noida Tata Housing raises about Rs 65 cr PE fund from US' Portman

Previous Story CARE's Rs 540-cr IPO subscribed nearly 41 times Next Story AP HC stsys ED order attaching Rs 822 cr deposits of Mahindra Satyam

Reader's Comments| Post a Comment

Be the first to comment.