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

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

funding

Source: www.thehindu.com

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.

  

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