New Delhi: Real Estate firm Parsvnath on Tuesday said it has raised Rs 355 crore through private placement of debentures.
In a regulatory filing, Parsvnath Developers said it has allotted unlisted, secured, redeemable, non-convertible debentures having face value of Rs 5 lakh each aggregating to Rs 355 crore on private placement basis on March 30.
Sources said that the fund has been raised from Edelweiss and it will be used to prepay debt of the company.
Last month, the company had said it will cut net debt by up to Rs 400 crore and invest the rest on ongoing projects after receiving Rs 572 crore from Chandigarh Housing Board in a settlement of dispute over a realty project.
Shares of the company on Tuesday closed at Rs 18.65 apiece on BSE.
Zee News App: Read latest news of India and world, bollywood news, business updates, cricket scores, etc. Download the Zee news app now to keep up with daily breaking news and live news event coverage.
