Business Line reported that TATA Housing Development Company has raised INR 300 crore by issuing NCDs.
TATA Housing said that the issue was subscribed by IDFC and a top mutual fund and the maturity period for the issuance ranges from 3 to 5 years.
NCD means a debt instrument issued by a corporate with original or initial maturity up to one year and issued by way of private placement.
Mr Brotin Banerjee MD and CEO of TATA Housing said that "Over the past 5 years, the company has grown exponentially establishing itself as one of the leading pan-India real estate developer with 60 million square feet under various stages of planning and execution and an additional 19 million square feet in the pipeline.
Mr Banerjee said that "This will act as an impetus for growth and help the company to meet its aggressive expansion plans, catering to premium as well as value end of the market."
Recently, Portman Holdings, an Atlanta based integrated real estate and investment management company picked up a 26% stake in its INR 240 crore project at Bangalore.
