B-Right Realestate Ltd achieves financial closure for Mulund Project

B-Right Realestate Limited ("Promoter 1") finalized Financial Closure, with Yogi Limited ("Investor"), for it's Mulund Project undertaken by it's Subsidiary M/s. Farewell Real Estates Private Limited.

As part of this execution, the Investor will acquire 41,46,000 equity shares, constituting 60% of the paid-up share capital for a cash consideration of ₹. 5,18,25,000/- (Rs. Five Crore Eighteen Lakh Twenty-Five Thousand Only) of the Subsidiary Company of B-Right Realestate Limited named M/s. Farewell Real Estates Private Limited (FREPL).

As per the financial arrangement, Investor will invest ₹. 200 crores (Rs. Two Hundred Crores only) in the Company. Initially, the Investor will infuse ₹. 50 crores (Rupees Fifty Crores only). FREPL will issue 5,000 optionally convertible debentures (OCDs), having face value of ₹. 1,00,000/- each of amounting to aggregate of ₹50 Crore (Rs. Fifty Crore only), as per other terms and conditions to the Investor. Yogi Ltd. Shall invest balance amount of ₹150 Crores (Rs. One Hundred and Fifty Crore Only) in the project by themselves or through any institution or private investors or through the borrowings as set out under the business plan.

The investment will be utilized exclusively for the development of Veer Sambhaji Nagar Co-Operative Housing Society Limited under Slum Rehabilitation (SRA) scheme at LBS Marg, Mulund (West), Mumbai 400080. The project, being developed under DCPR 2034 guidelines, comprises a total land area of 18,271.70 sq. Mtr., with a rehabilitation component of 57,000.21 sq Mtrs. and a free sale component of 84,645 Sq. Mtr. The project is estimated Gross development Value (GDV) of ₹. 2000 Crore. The transaction is subject to necessary approvals.

Source : Equity Bulls

Keywords

BRightRealestate FinancialClosure MulundProject Yogi