 "Total Environment raises ₹175 crore via India's first listed green NCD")
Total Environment Resorts, a subsidiary of Bengaluru-based Total Environment Group, has raised Rs 175 crore from Standard Chartered Bank through listed, rated non-convertible debentures (NCDs). This marks the first listed green NCD issuance by an Indian real estate developer.
Standard Chartered acted as the sole arranger and green co-ordinator for the issuance.
How will the funds be used for the Bengaluru project?
The proceeds from the issuance will be primarily utilised for developing a residential real estate project in Bengaluru. The project has been pre-certified at the Indian Green Building Council (IGBC) – Green Homes Platinum level.
What role did Standard Chartered play in structuring the green NCD?
Standard Chartered Bank provided comprehensive support in structuring the green NCD, selecting the second-party opinion (SPO) provider, and managing the SPO process. The issuance complies with the International Capital Market Association’s (ICMA) Green Bond Principles and the Securities and Exchange Board of India’s (SEBI) Green Debt Securities Regulations, the bank said.
What is Total Environment Group known for?
Total Environment Group is a Bengaluru-based real estate developer with more than 64 projects. The group primarily focuses on luxury residential developments in Bengaluru.