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.
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.