Realty firm Unishire Urbanscape Pvt. Ltd has raised $19 million (Rs126 crore), through issue of non-convertible debentures (NCD), from Reliance AIF Asset Management Co. Ltd to clear high-cost debt and for ongoing projects.
Reliance AIF has deployed the money from its recently raised Rs1,000 crore fund, Reliance Yield Maximiser Alternative Investment Fund Scheme 1.
This is Reliance’s first fund under the AIF (alternative investment fund) norms, which was launched last year in August. Reliance AIF is a 100% subsidiary of Reliance Capital Asset Management Ltd.
Property consultancy JLL India was the transaction advisor.
“All our projects deliver value and strong return-on-investment as on date and we are optimistic that this new partnership will also witness upward trajectory to its investment,” said Pratik K. Mehta, managing director, Unishire.
The money raised will be released in two tranches—Rs90 crore and Rs36 crore. With fresh debt raised, Unishire’s total debt is at Rs176 crore.
Reliance AIF didn’t respond to queries.
Unishire has about 5.6 million square feet under construction and another 6.4 million sq. ft in the pipeline over the next 3-5 years.
(This story was first published on livemint.com)