Atmosphere Realty clears Rs 218 crore debt from Marubeni Corporation

Atmosphere Realty Pvt Ltd has cleared Rs 218-crore debt from Japan's Marubeni Corporation through early redemption of debentures issued by the company.

Atmosphere Realty is a joint venture of The Wadhwa Group (50 per cent stake), Man Infra Construction Ltd (30 per cent) and Chandak Realtors Pvt Ltd (20 per cent).

In a statement on Wednesday, Atmosphere Realty said it has successfully completed the early redemption of its secured Non-Convertible Debentures (NCDs), much ahead of the scheduled maturity date.

The debentures were originally set to mature on December 9, 2030, with a maximum tenor of 10 years. These NCDs were fully redeemed on March 24, 2025.

 

Atmosphere Realty had issued 2,179 debentures at a face value of Rs 10 lakh each aggregating to Rs 217.9 crore on December 9, 2020. These NCDs were acquired by Marubeni Corporation.

The early redemption was possible from healthy sales and internal accruals driven by the success of 'Atmosphere O2', a premium gated-community project located at Nahur in Mulund West, Mumbai.

The successful exit of the investment made by Marubeni Corporation re-emphasizes the belief of partnering with top-rated developers with a good track record of development and timely completion with focus on high quality development, the statement said.

Marubeni and Atmosphere Realty aim to explore several other opportunities together after successfully completing this transaction, the statement said.