TARC raises Rs.1,000-Cr to refinance debt

Delhi-headquartered real estate developer TARC Limited has raised INR 1,000 crore from a consortium of domestic banks and financial institutions led by Kotak Mahindra Bank, Nomura Capital, Aditya Birla Capital and STCI. The majority of the funds, raised at 12.75% interest, will be used for refinancing of its existing debt along with INR 250 crore additional working capital facility to be available on call.The refinancing is secured mainly against the cash flows of two of the company’s projects - TARC Kailasa and TARC Tripundra.