Private Equity

PE-RE Fund Investments

Shreshta Infra raises Rs.350-Cr from Edelweiss fund; to pay back Rs.200-Cr to Oaktree

Economic Times (E-Paper)  

Edelweiss Special Opportunities Fund has provided INR 350 crore debt facility to Bengaluru-based realty company, Shreshta Infra Projects. Of the new funds, INR 200 crore would be used to repay debt from existing investor Oaktree Capital.The new debt facility from Edelweiss is in the form of listed secured and rated non-convertible bonds (NCD) having tenor of 41 months and 24 days. The bonds are priced at 20.5%, payable annually.Shreshta Infra Projects is a SPV floated by Adarsh Developers. Shreshta Infra will on-lend the money in the form of CCDs to two of its affiliate companies, Adarsh Nivaas and Adarsh Realty and Hotels. The two affiliates will use the money to repay INR 200 crore debt raised from Oaktree two years ago. Of the balance amount, INR 50 crore will be used to finance two projects – AWP Villas and AWP Apartments - and the remaining for general corporate purposesIn the past, two funds of Edelweiss Group had provided funding to Shreshta Group. The company owes INR 57.3 crore to ISAF III Onshore Fund and INR 127.7 crore to India Special Assets Funds III as of December 31, 2023.