Bangalore-based Century Real Estate has raised Rs.200 crore from Kotak Realty Fund, the property investment arm of Kotak Mahindra Bank, through a private placement of non-convertible debentures (NCD). The fund fully subscribed to the issue last week. The company, however, didn’t respond to the email query sent by Track2Realty.
The money will be invested in a special purpose vehicle (SPV) floated by Century to develop a 10-acre residential project coming up on Old Airport Road in Bangalore. The project comprises of 650 high-end apartments costing upwards of Rs.1.5 crore each.
Last year too Century had raised money – Rs.100 crore — from Kotak through NCDs. Kotak, in turn, sold 80% of the book to high networth individuals (HNIs). The company is using the funds to develop 7 new projects with a built-up area of 1.7 million sq ft.
Dayanand Pai-promoted Century Real Estate has a land bank in excess of 3,000 acres around Bangalore valued at over $2 billion.
