Wednesday, 12 December 2012

Golden Gate Properties – New Venture of 200crores



JM Financial Ltd has helped Golden Gate Properties to raise Rs 200 crore through non-banking financial company (NBFC). This is a non-convertible debenture (NCD) issue which provided a new life to the real estate firm as all the operation were stalled for the past two years as there was a severe liquidity crunch. In 2007 similar investments were done by the RREEF Alternative Investments for 70 million dollars and by Citigroup for Rs 150 crore. Sanjay Raj the executive director of Golden Gate Properties announced that the fund amount raised at this point of time will be used to revive the Golden Grand Project. More investments shall be expected in the near future at project levels or entity levels. NCD is said to be a debt instrument which cannot be converted to stock shares and is expected to yield 14-20% returns. NBFCs and private equity funds are some of the alternate sources of capital which the real estate developers in India have been relying on.
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