Mumbai: Realty developer Ajmera Realty & Infra India has raised Rs500 crore from Standard ‘- Chartered Bank and ICICI Bank through a structured deal to support development of a luxury residential project and partial repayment of a loan from HDFC Bank.
The listed developer had raised Rs540 crore in general corporate purpose debt from HDFC Bank in 2019 and 2021 at 12% interest rate, and this was scheduled to be repaid in 2025 and 2027. The developer has prepaid about %200 crore of this ahead of the 2025 deadline.
“This structured deal is a strategic step forward to achieve our stated objective of five-fold growth in business,” said Dhaval Ajmera, director, Ajmera Realty & Infra Litd.
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