Debt Debt financing
Realtor Equinox India raises Rs.950-Cr through NCDs for Panvel project
Source Economic Times (opens in a new tab)BSE Announcement (opens in a new tab)
Publicly-listed, Mumbai-based real estate firm Equinox India Developments (formerly Indiabulls Real Estate) has raised INR 950 crore through non-convertible debentures (NCDs) to fund Indiabulls Greens & Park in Panvel.The NCDs are issued by Lucina Land Development (LLDL) for a period of 48 months at an interest rate of 13%, backed by corporate guarantees from Equinox India, Sion Developers, Citra Properties and RGE Constructions.Indiabulls Park (Phase 2) spans 53 acres in Panvel and is being developed under the MMRDA Lease Rental Housing Scheme of the Maharashtra government. The project has a saleable area of 27.07 lakh sq. ft. and is being developed by LLDL.