SNG & Partners Assists Investor, Debenture Trustee On Issuance Of Non Convertible Debentures By Eldeco Infracon Realtors

SNG & Partners acted as the legal counsel to the investors and debenture trustee on issuance of non convertible debentures by Eldeco Infracon Realtors. The firm provided comprehensive legal advice on the transaction including but not limited to the drafting, reviewing, negotiation and finalisation of transaction documents.

The debentures have aggregate face value up to INR 350,00,00,000. SNG & Partners has assisted the investor and the debenture trustee in relation to the issuance of fully secured, unlisted, guaranteed, redeemable, rupee-denominated, transferable and interest-bearing non-convertible cumulative debentures, aggregating up to INR 350,00,00,000 issued and allotted by ELDECO INFRACON REALTORS LIMITED (“Issuer”) to HDFC Capital Affordable Real Estate Fund – 3, first scheme of HDFC Capital AIF -3, a category II Alternative Investment Fund.

Eldeco Infrastructure and Properties Limited, parent company of the Issuer and a north India-based leading real estate developer, has already raised two rounds of financing from HDFC Capital Limited, and this third-round injection resulting in cumulative investment of INR 700 crores, will further accelerate the development of group housing and plotted development projects in multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa. Eldeco group and HDFC Capital Limited joint platform’s cumulative revenue potential across 17 projects is estimated to be INR 8,000 crores.

Amit Aggarwal (Managing Partner, Corporate & Non-Contentious Practice) acted as engagement partner and provided strategic inputs on the transaction. The transaction team consisted of Aditya Vikram Dua (Partner), Nishtha Arora (Principal Associate) and Rudraksh Karnik (Associate).