Jain Housing and Constructions has raised Rs. 240 crore through debt from Singapore’s sovereign wealth fund GIC Pte Ltd. The company has issued 2,200 non-convertible debentures of Rs. 10 lakh each to GIC. The issue price was Rs.9.89 lakh, at a coupon rate of 15.25 per cent a year. These debentures, redeemable within the next 48 months from the date of allotment.
The amount was raised to fund three of its proposed premium residential projects – Jains Inseli Park with 808 apartments, Jains Pebble Brook I with 620 apartments and Jains Pebble Brook II with 356 apartments – on the city’s IT corridor Old Mahabalipuram Road.