Vipul raises Rs150 cr from Edelweiss for housing project

Realty firm Vipul Ltd today said it has raised Rs 150 crore from Edelweiss group for its luxury housing project in Gurugram.
In a regulatory filing, Vipul informed that a debenture committee of board of directors at its meeting held today allotted non-convertible debentures (NCDs) aggregating to Rs 150 crore.
"The company has raised Rs 150 crore from Edelweiss Group," a company statement said.
The fund would be utilised on the development of its housing project 'Aarohan Residencies' located on Golf Course Road in the heart of Gurugram, it added.
"The fund raise will enable us to accelerate construction of Aarohan Residences and improve visibility of the project which we believe will add a lot of confidence to prospective buyers," said Punit Beriwala, Managing Director, Vipul Ltd.

The company had recently awarded Rs 500 crore contract to Leighton India to construct the first phase of its project.
Vipul is developing properties in Gurugram, Ludhiana, Bawal, Bhubaneshwar and Faridabad. The group has delivered over 8 million sq ft area since inception apart from some projects executed in joint venture.