Parsvnath to raise Rs 46 cr via NCDs

Realty firm Parsvnath Developers Ltd will raise Rs 46.35 crore through issue of non-convertible debentures on private placement.
In a filing to the BSE, the company informed that the Board of Directors at its meeting held today has "approved the issuance of Non-Convertible Debentures (NCDs) amounting to Rs 46,35,00,000 on private placement basis."
Parsvnath Developers had raised about Rs 500 crore from a NBFC through lease rental discounting (LRD) to provide exits to private equity firms like Red Fort Capital and Proprium Capital through buy-back of their investments in office building near Connaught Place.
Parsvnath has completed 57 projects, measuring 25.35 million sq ft of developed area. Currently, 44 projects are under construction covering 53.39 million sq ft.