Vipul Limited recently announced that the company has raised Rs. 150 crore from Edelweiss Group, one of India’s leading financial services company. The amount raised by Vipul ltd will be utilized for the further development of its luxurious housing project ‘Aarohan Residencies’ located on Golf Course Road in the heart of Gurugram
The company has entered into an agreement with Edelweiss Commodities Services Ltd for raising Rs. 150cr through an issuance of secured, redeemable, unlisted, Non-Convertible Debentures (NCD). The NCD issued will be for the tenure of 54 months.
Mr. Punit Beriwala, Managing Director, Vipul Limited, said, “The fund raise will enable us to accelerate construction of Aarohan Residences and improve the visibility of the Project which we believe will add a lot of confidence to prospective buyers. The structure of the NCD deal will further ensure cash flow optimization. This fund raise, from a reputed financial group as Edelweiss is a testimony of the inherent strength of the Project. We are confident of delivering a world class product to our customers with the confluence of the best resources coming together for Aarohan residences.”
Vipul Ltd has recently awarded Rs 500 crore contract to Leighton India to construct the first phase of its project ‘Aarohan’.