Arvind SmartSpaces raises Rs 85 crore from investors, Real Estate News, ET RealEstate

NEW DELHI: The Board of Directors of Arvind SmartSpaces (ASL) approved the allocation of 68.5 lakh of shares, totaling approximately Rs 85 crore to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and to ASL promoters at a price of Rs 124 / – per share in accordance with SEBI ICDR 2018 regulations, the company said in a press release.

Sanjay Lalbhai, President of Arvind SmartSpaces, said, “This injection of long-term patient capital into the business will give us the flexibility to pursue strategic growth in all segments in which we operate. The improved equity base and low leverage give the company significant leverage to raise additional capital to pursue value-creating opportunities. “

Vipul Roongta, MD and CEO of HDFC Capital Advisors said, “This investment meets our goal of providing long-term capital, equity and mezzanine capital to leading developers for the development of affordable and middle-income housing in India. We believe that consolidation in the residential sector is a given and that developers with a strong brand presence need to capture a disproportionate share of the market. “

Metta Capital acted as ASL’s exclusive financial advisor for this transaction. Wadia Ghandy acted as legal advisor to ASL for this transaction and AZB acted as legal advisor to HDFC Capital Advisors.

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