Adarsh developers offers partial exit to JM Financial for Rs 300 crore
JM Financial has partially exited its investment in residential projects of Adarsh Developers in a deal valued at Rs 300 crore. The financial services firm had invested about Rs 600 crore in two residential projects of Adarsh Developers in 2016 as structured debt.
The development comes at a time when financial institutions, especially nonbanking finance companies (NBFCs), have become cautious in lending to real estate developers, in turn slowing down refinancing of debt in the sector.
JM Financial had invested in Adarsh Palm Retreat and in another residential project in Bellandur, Bengaluru, in 2017. The company did not share the return on investment it made in this exit.