Ashiana Housing Ltd and IFC to explore coinvestment proposal

Ashiana Housing Limited (AHL) and International Finance Corporation (IFC), a part of World Bank Group, are together exploring a proposal to co-invest in upcoming middle income residential projects including senior living projects. The proposal envisages a total investment of INR 225 crores on a project-to-project basis by IFC, representing 40% of the capital required by a project. The remaining 60% of the capital required, i.e. INR 337.50 crores, will be contributed by AHL. While the due diligence has been carried out, the proposal is pending approval by IFC's board.

The investment of IFC will primarily be in the form of non-convertible debentures for identified projects with returns linked to project specific returns.

Earlier, AHL and IFC had entered into an agreement in Mar'2018 (disclosed to BSE and NSE dated 29th Mar'2018) to co invest in upcoming affordable and middle-income residential projects including senior living projects. The agreement envisaged a total investment of INR 150 Crs by IFC (representing 40%) and INR 225 Crs by AHL (representing 60%). Till date, IFC has already invested INR 142.14 Crs across 3 projects.

Shares of Ashiana Housing Limited was last trading in BSE at Rs. 145.80 as compared to the previous close of Rs. 144.30. The total number of shares traded during the day was 2216 in over 130 trades.

The stock hit an intraday high of Rs. 149.00 and intraday low of 143.00. The net turnover during the day was Rs. 322033.00.

Source : Equity Bulls

Keywords

AshianaHousing INE365D01021 Realty IFC InternationalFinanceCorporation WorldBankGroup