Nirmal Group raises Rs 500 crore debt
Realty developer Nirmal Group has raised debt of Rs 500 crore from non-banking finance company Altico Capital for three residential projects in Mulund suburb of Mumbai, the NBFC said in a release.
The funds will be utilized to provide an exit to existing lenders and as construction finance for several projects. The portfolio of projects include three condominium towers in Mulund, a residential project in Nirmal Lifestyle and an early stage project near Thane.
“Altico’s portfolio has an overall allocation of about 35% to Mumbai and we plan to deploy an incremental Rs 1,000-1,500 crore in this market in the next couple of months,” said Sanjay Grewal, CEO, Altico Capital.