Private Equity

PE-RE Fund Investments

Kalpataru Group co raises Rs.525-Cr from PAG to complete 10 towers in Mumbai

Economic Times  

Alder Residency, a Kalpataru group company, has raised about INR 525 crore in debt from PAG, a global alternative investment firm, for a 3.5 year-tenure to complete the construction of 10 residential towers in Mumbai. Alder Residency is a wholly-owned subsidiary of Abhiruchi Orchards, which in turn is a wholly-owned company belonging to the Kalpataru Group. Asia Pragati Strategic Investment Fund, managed by PAG, will provide the debt facilities via non-convertible debentures (NCD) in two tranches: INR 475 crore in secured unlisted bonds and another INR 49 crore in secured listed bonds. Both the bonds mature on April 30, 2027 and have an internal rate of return (IRR) of 18.75%. The proceeds will be used to repay high-cost debt and develop the residential project Kalpataru Vivant, comprising ten towers in Mumbai suburbs. The project cost is estimated at INR 750-800 crore.