Ajmera raises Rs 500 cr through structured deal from FIs

Ajmera Realty & Infra India has successfully secured credit facilities totaling Rs 500 crore from two leading financial institutions: Standard Chartered Bank and ICICI Bank. These funds will be utilized for the execution of Ajmera Manhattan, a luxurious residential project situated in Wadala, Mumbai. Additionally, a portion of the funds amounting to Rs 200 crore has been utilized towards the partial prepayment of the GCP loan availed from HDFC Bank.

The estimated project completion costs are well-covered by pre-sales balance receivables. Through this structured deal, the company has advanced the partial prepayment of the GCP loan ahead of its schedule. Consequently, the project loan repayment is expected to align more closely with project cash flows. Importantly, the Company has secured this deal at a lower cost of funds compared to prevailing rates with the existing lender.

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