LIC Housing has invested an unspecified sum in Chennai township, SPR City's ongoing residential project spread over an area of 1.7 million sq ft. The SPR group has used a part of the capital raised to provide an exit to Piramal Enterprises.
The company's Director Chetan Bohra said that the capital raised would be utilised for advacing the construction and ensuring the completion of the residential project within this financial year.
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"Part of the capital raised has been used to repay and provide an exit to Piramal Enterprises. With the exit of Piramal, the cost of capital is expected to go down by almost 35-40% in the current financial year, thereby accelerating the speed of construction,” he said.
SPR Director, Navin Ranka added, “Closure of fund raising from LIC Housing denotes the confidence of the country’s top financial institution into the Project. With our robust sales and delivery line up, we see growth in the coming year irrespective of Covid-19's impact on economy”.
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