Jain Housing Receives 220 Crores Funding From GIC Pvt Ltd, Singapores Sovereign Wealth Fund 3.3


Jain Housing & Construction Ltd., on Wednesday, said it received a funding of Rs.220 crore from the Singapore-based sovereign wealth fund, GIC Private Ltd.

About 2,200 secured listed rate redeemable non-convertible debentures with a face value of Rs.10 lakh each are offered to GIC on a private placement basis. Aided by the fresh infusion of funds, Jain Housing would settle some of its debts, develop and complete three high-end projects in Chennai, meet its target, and expand its horizon.

Coupon rate

Briefing reporters, Jain Housing Managing Director, Sandeep Mehta, said that it was the first-of-its- kind investment made by Singapore fund in the company.

It had received Rs.220 crore out of Rs.240 crore, and GIC had agreed to invest the balance after obtaining certain no-objection certificate. Jain Housing Chief Financial Officer, Rajinikanth said, these debentures have a coupon rate of 15.25 per cent per annum, compounded monthly. And, they have to re-paid within 48 months.

GIC is one the world’s largest investors with $100 billion assets in more than 40 countries.


Leave a Reply

Your email address will not be published. Required fields are marked *.

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>