31 Aug 2023

Embassy Office Parks REIT, managed by Embassy Office Parks Management Services, plans to raise Rs 500 crore through debentures for debt refinancing. The debenture committee approved the allocation of 50,000 Series VIII NCDs on a private placement basis. These NCDs will have a 60-month tenure with an 8.10 percent coupon rate per year. Embassy REIT aims to list them in BSE's Wholesale Debt Market Segment. The company received Rs 500.15 crore against the principal amount. In Q1 of the current fiscal year, Embassy REIT reported a 9 percent increase in net operating income to Rs 737.6 crore and distributed Rs 510 crore to unitholders.Read more

30 Aug 2023

IndoStar Capital Finance has successfully sold distressed loans worth Rs 790 crore from Puranik Builders and Kanakia Spaces Realty to Phoenix ARC, achieving an impressive 86 percent recovery from the outstanding loan of Rs 915 crore. This recovery rate is notable as the loans were 60 days overdue. Phoenix ARC, in collaboration with IndoStar and backed by Kotak Mahindra Bank, will oversee the real estate projects of Puranik Builders and Kanakia Spaces Realty, partially funding their completion. The transaction enhances IndoStar's retail loan portfolio from 85 percent to around 95 percent, reflecting its strategic focus on asset quality improvement.Read more

30 Aug 2023

Indiabulls Housing Finance has successfully repaid ?2,232 crore of external commercial borrowings (ECBs) raised in 2018 from various international banks, effectively clearing all its $3 billion foreign currency borrowings. The repayment marks the culmination of a deleveraging process initiated after the IL&FS crisis in 2018. CEO Gagan Banga noted that the company would now focus on growing its assets under management (AUM), with debt repayments of ?400 crore to ?700 crore per month, comfortably covered by loan portfolio repayments. The company aims for steady AUM growth and mid-teen return on equity by FY26, while pursuing an asset-light approach through co-lending partnerships.Read more

30 Aug 2023

Reliance Capital executes a strategic move by divesting 45% stake worth Rs 54 crore in Reliance Home Finance, boosting recovery prospects for lenders. Amid corporate insolvency proceedings, Reliance Capital retains a mere 2.5% ownership in the subsidiary. Authum Investment & Infrastructure leads an innovative resolution process for both Reliance Home Finance and Reliance Commercial Finance, securing significant debt for a fraction of the value. Authum's decision for voluntary liquidation adds a twist, while a sequential share sale strategy aims to maximize lenders' recovery potential. The episode highlights regulatory effectiveness and the importance of protecting retail investors' interests.Read more

30 Aug 2023

Mumbai's Arkade Group is set for a transformative debut, aiming to launch an initial public offering (IPO) in December 2023. With plans to submit a draft red herring prospectus (DRHP) to SEBI by August 31, the real estate powerhouse seeks to raise approximately ?600 crores. Anticipating a valuation of ?4,000 crores, the IPO involves a 15 percent reduction in promoter equity. Arkade Group is engaged in multiple residential projects across Mumbai's micro-markets, while also eyeing the commercial real estate sector through a leasing model. The company's sales momentum has surged, reflecting upgraded offerings and a strategic shift in project focus.Read more

29 Aug 2023

A home project that is now under construction in Chennai has received a total investment of Rs. 206 crores from Shriram Properties and ASK Property Fund. The project, known as "Shriram 122 West," is situated in Mangadu close to IT hubs and the future metro corridor. It spans 1.9 million square feet across two phases and has a projected five-year revenue potential of Rs. 1,200 crores. The partnership demonstrates the strategic skill of both parties and their dedication to improving the real estate market. With this agreement, Chennai will take another step toward producing high-quality residential areas and leveraging the city's expanding real estate market.Read more

29 Aug 2023

Nisus BCD Advisors LLP, managing Nisus Finance's RESO-1 Fund, has infused Rs 95 crore into Ahmedabad's Swaminarayan Business Park, partnering with Phoenix ARC and Kotak's Asset Reconstruction Arm. This signals Nisus Finance's entry into Ahmedabad's real estate market, focusing on projects with robust cash flows and risk-mitigated returns. The project, owned by Dharmadev Group, is nearly 80 percent complete and aligns with RESO-1's strategy. This investment underscores Nisus Finance's expansion beyond its target markets, including Indore and NCR, and marks its debut in late-stage commercial projects.Read more

29 Aug 2023

Bandhan Bank, a private sector lender, is making strategic moves to expand its presence in Mumbai and beyond. With an investment of around Rs 160 crore, the bank is acquiring commercial space in Mumbai's Bandra Kurla Complex (BKC), marking its entry into the city's financial hub. The new corporate office, covering 40,000 sq ft, will also house a treasury and is expected to be completed by the end of the fiscal year. Additionally, the bank is setting up a zonal office and government business centre in New Delhi to enhance communication with government departments. A 65,000 sq ft back-office space in Navi Mumbai is also in progress to strengthen operational capacities. Bandhan Bank is not only expanding its physical footprint but also advancing its digital offerings, with plans to open more branches and diversify its portfolio.Read more

29 Aug 2023

Metamor Software Solutions directors, Meghna Dilip Bhanushali and Tummala Vipul Reddy, have acquired a property in Hyderabad's Jubilee Hills for Rs 48 crore, marking one of the city's recent high-value residential transactions. The property, spanning 13,000 sq ft with a built-up area of 3,951 sq ft, was purchased from Manoj Kumar Tibrewala. This purchase was driven by both family and business requirements, as evidenced by the sale deed. The real estate market in Hyderabad has been witnessing a surge in significant land and mansion deals, largely from business figures and film actors.Read more

29 Aug 2023

Reserve Bank Governor Shaktikanta Das led a crucial meeting to enhance governance and assurance mechanisms in non-banking financial companies (NBFCs), including housing finance companies (HFCs), aiming to fortify the financial sector's stability. CEOs of prominent NBFCs and government entities, along with the RBI's Deputy Governors, participated in discussions focused on governance standards, risk management, and compliance. With these entities holding 50% of overall NBFC assets and serving underserved areas, the RBI emphasized vigilance, resource diversification, cybersecurity, fair practices, and IT enhancements. The meeting showcases the RBI's commitment to maintaining financial resilience and transparency in the sector.Read more