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BW Businessworld

Unishire Raises Rs 126 Crore Via NCDs From Reliance Capital

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Realty firm Unishire on Tuesday (01 September) said it has raised Rs 126 crore from issuing debentures and the funds would be utilised to repay debt and meet construction cost of the ongoing projects.
The company said in a statement that it has "raised Rs 126 crore through issue of non-convertible debentures. Reliance Yield Maximiser Alternative Investment Fund (RYMAIF) is the investor for the debt issue".
"We are delighted by the confidence shown by Reliance Yeild Maximiser Alternative Investment Fund towards our issue. It stands testimony to the trust industry has on our growth story. At Unishire, we promise to build communities that offer global living experience at a strong value proposition. All our projects are delivering value and strong return-on-investment as on date and we are optimistic that this new partnership will also witness upward trajectory to its investment. I would also like to thank JLL for their expertise that resulted in this strategic action," Unishire MD, Pratik K Mehta, said.
RYMAIF is a real estate fund launched by the Reliance Capital Asset Management's subsidiary, Reliance AIF Management Company Ltd.
The transaction was arranged by property consultation firm JLL India.
The funds raised will be utilised for clearing high cost debt, on-going projects construction and expansion, Unishire said. It will be released in two tranches of Rs 90 crore and Rs 36 crore, with maturity periods of 45 months.
With the fresh debt, the company's total debt portfolio stands at Rs 176 crore.
Unishire has 5.6 million sq ft under construction and another 6.4 million sq ft planned for development in the next 3-5 years. It has 17 projects, with one completed, eight on-going and the rest at pre-launch stages.
Recently one of Unishire's project, Belvedere Premia was awarded with "Best Architectural Design Project of the Year" organised by Silicon India, one of the leading media houses. The project was acclaimed for its German design that aesthetically in-corporate green initiatives.