Vipul Ltd raises Rs.150cr from Edelweiss Group towards development of housing projects

Real estate developer Vipul Ltd., on Wednesday announced that the company raised Rs. 150 crore from Edelweiss Group, which will be channelized towards the development of its luxurious housing project ?Aarohan Residencies? located on Golf Course Road in the heart of Gurugram.

The company entered into an agreement with ECL Finance Ltd for raising Rs. 150 crore through issuance of secured, redeemable, unlisted, Non-Convertible Debentures (NCD). The NCD issued will be for tenure of 54 months.

?The fund raise will enable us to accelerate construction of Aarohan Residences and improve visibility of the Project which we believe will add a lot of confidence to prospective buyers. This fund raise, from a reputed financial group as Edelweiss is a testimony of the inherent strength of the Project,? said managing director, Vipul Limited, Punit Beriwala.

Vipul Ltd. recently awarded a Rs. 500 crore contract to Leighton India to construct the first phase of its project 'Aarohan?. The company already delivered four successful projects on Golf course road.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)