Debt

Debt financing

Avante Spaces raises Rs.1,150-Cr term loan from ICICI Bank

Economic Times  

Avante Spaces, the real estate division of Kirloskar Industries, has raised a term loan of INR 1,150 crore from ICICI Bank. Axis Trustee Services is acting as the security trustee for the transaction.The financing, structured in two tranches of INR 1,050 crore and INR 100 crore with an 8% annual interest rate, will support a 1.9 million-sq-ft Grade A commercial development in Pune’s Kothrud suburb. The company has created a mortgage over its land parcels, specifically 7.25 acres across Plots A, C, and D in Kothrud, as collateral for the loan, with a repayment schedule of 44 months.