In a statement, the Delhi-NCR based Group said the company has completed its “first public issuance of non-convertible debentures (NCDs), raising Rs 440 crore”.
The issue was fully subscribed by three leading mutual funds in the country.
In a strategic move towards urban development, Indian cities are set to tap into the debt market for funding. Key players like the Bombay Municipal Corporation and Ahmedabad Municipal Corporation are on board to secure substantial financial resources. Meanwhile, smaller municipalities are not sitting on the sidelines and are poised to launch their own bonds.
The debentures, issued by the group’s holding company Gaursons India Pvt Ltd, will be listed on the National Stock Exchange (NSE).
“The successful subscription of the NCD issue underscores the group’s financial resilience and its growing credibility with institutional investors. It also provides us with greater flexibility to support expansion while maintaining a prudent capital structure,” Gaurs Group Director Sarthak Gaur said.
The amount will be used business requirements, including land acquisition, construction and project execution, repayment of higher-cost borrowings, and general corporate purposes.
Gaurs Group has so far developed more than 100 million sq ft area. It has delivered 75,000 units, and 70 projects, including three townships.
Gaurs Group is one of the leading real estate developers in the Delhi-NCR.
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