Track2Realty: Tata Housing Development Company Limited, India’s fastest growing real estate Development Company today announced that it has raised Rs. 300 crore by issuing Non-Convertible Debentures (NCDs). The issue was subscribed by IDFC and a top Mutual Fund. The issuance is for the maturity periods ranging from 3-5 years.
Commenting on the developments, Brotin Banerjee, MD & CEO, Tata Housing Development Company Limited, said, “Over the past five years, the company has grown exponentially establishing itself as one of the leading pan-India real estate developer, with 60 million sq.ft under various stages of planning and execution and an additional 19 million sq.ft in the pipeline. We have an aggressive expansion plan spanning across all customer segments. Tata Housing has a long-term Credit Rating of ‘AA’ from ICRA and CARE. This coupled with the Company’s robust performance and sustainable business model has helped it raise funds at very competitive rates. The company also has the highest short-term Credit Rating of ‘A1+’ which has helped it raise funds in the Commercial Paper market at competitive rates.”
Very recently, Portman Holdings, an Atlanta-based vertically integrated real estate development Company and an investment & management company invested in Tata Housing’s luxury project “The Promont”, for a minority stake in the project.
“This (funds raised) will act as an impetus for growth and help the company to meet its aggressive expansion plans, catering to premium as well as value end of the market.” Banerjee added.
