Tata Housing Development Company has raised Rs 300 crore by issuing NCDs (non-convertible debentures).
The issue was subscribed by IDFC and a top mutual fund and the maturity period for the issuance ranges from 3-5 years, Tata Housing said.
NCD means a debt instrument issued by a corporate (including non banking financial company) with original or initial maturity up to one year and issued by way of private placement.
Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing, said, “Over the past five years, the company has grown exponentially establishing itself as one of the leading pan-India real estate developer with 60 million sqft under various stages of planning and execution and an additional 19 million sqft in the pipeline.
“This (funds raised) will act as an impetus for growth and help the company to meet its aggressive expansion plans, catering to premium as well as value end of the market.”
Recently, Portman Holdings, an Atlanta-based integrated real estate and investment management company picked up a 26 per cent stake in its Rs 240-crore project at Bangalore.