The capital raised through issue of non-convertible debentures by Vipul Ltd will utilize it in development of Aarohan Residencies, a residential project located in Gurgaon.
Punit Beriwala, MD of Vipul Ltd, said, The fund will enable us to accelerate construction of Aarohan Residences and improve the visibility of the project. The structure of the NCD deal will further ensure cash flow optimisation.
Vipul Ltd is catering to both residential and commercial segments as well as handling projects in Ludhiana, Bhubaneswar, Gurgaon, Bawal and Faridabad. Since the beginning, it has already delivered over 8 million sq.ft. till date.
The real estate developer has also managed to raise Rs 200 crore for a mixed use project form ASK property investment advisors.