SNG & Partners has assisted the investor and the debenture trustee in relation to the issuance of fully secured, unlisted, guaranteed, redeemable, rupee-denominated, transferable and interest-bearing non-convertible cumulative debentures, aggregating up to INR 350,00,00,000 issued and allotted by ELDECO INFRACON REALTORS LIMITED (“Issuer”) to HDFC Capital Affordable Real Estate Fund – 3, first scheme of HDFC Capital AIF -3, a category II Alternative Investment Fund.
Eldeco Infrastructure and Properties Limited, parent company of the Issuer and a north India-based leading real estate developer, has already raised two rounds of financing from HDFC Capital Limited, and this third-round injection resulting in cumulative investment of INR 700 crores, will further accelerate the development of group housing and plotted development projects in multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa. Eldeco group and HDFC Capital Limited joint platform’s cumulative revenue potential across 17 projects is estimated to be INR 8,000 crores.
SNG & Partners acted as the legal counsel to the investors and debenture trustee. The firm provided comprehensive legal advice on the transaction including but not limited to the drafting, reviewing, negotiation and finalisation of transaction documents.
The Real Estate team of SNG & Partners was involved in carrying out the Title Due Diligence with respect to some of the Projects in this deal spread Across Ludhiana (Punjab) for approximately 68 acres covering various residential development, Rudrapur (Uttarakhand) for 30 acres in Residential and 5.4 acres in commercial development and Sonepat (Haryana) for 17 acres of residential development.
Amit Aggarwal (Managing Partner, Corporate & Non-Contentious Practice) acted as engagement partner and provided strategic inputs on the transaction.
The transaction team consisted of Aditya Vikram Dua (Partner), Nishtha Arora (Principal Associate) and Rudraksh Karnik (Associate).
The Real Estate team was led by Mr. Subrata Mukherjee (Partner) and Mr. Rajesh Nautiyal (Counsel).
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