You are here: Home » Companies » News
Business Standard

Wave Infra to raise up to Rs 4,000 cr through pvt equity, debt

Wave Infratech has given mandate to IDFC for arranging debts from banks

Press Trust of India  |  New Delhi 

Wave Infratech, the realty arm of Ponty Chadha's Wave Group, today said it will raise about Rs 4,000 crore through debt and private equity to fund investments in developing the first phase of a 152-acre township in Noida.

The integrated mixed-use project would be developed on the land the company had won last year through an auction for about Rs 6,500 crore.

"The total investment in the first phase, spread over 45 acres, would be about Rs 10,000 crore including the land cost," Wave Infratech Joint Managing Director Manpreet Singh Chadha told reporters.

The proposed investment would be met through internal accruals, debt and private equity, he added.

Asked about the quantum of funds it is looking to raise through debt and private equity routes, Chadha said: "We plan to raise about Rs 3,000-4,000 crore in the next two months".

Wave Infratech has given mandate to IDFC for arranging debts from banks, he said.

"Separately, we are in talks with large private equity players. We can dilute about 25% stake in the first phase of project," Chadha said, but declined to reveal names.

Giving details about the township, Chadha said the total size would be 40 million square feet, of which the company would develop about 10 million square feet in the first phase to be delivered by 2016.

n the first phase, the company will develop 1,400 housing units at a starting price of over Rs 1 crore, 900 studio apartments, 370 high street shop condominiums, two hotels, a shopping mall of two million square feet and an office complex.

Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Besides real estate, Wave Group is into sugar, liquor and entertainment businesses.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, August 17 2012. 16:14 IST