Parsvnath Developers to raise up to Rs 1,000 crore via NCDs

New Delhi: Realty firm Parsvnath Developers is planning to raise up to 1,000 crore through issuance of non-convertible debentures (NCDs), the company said on Saturday.

The board in its meetings held today approved the "issuance of non-convertible debentures up to Rs 1,000 crore," the company said in a filing to the BSE.

The company's annual general meeting will be held on August 29.

Last week, the board had approved proposal to raise Rs 46.35 crore through issue of non-convertible debentures on private placement.

Parsvnath Developers had raised about Rs 500 crore from a NBFC through lease rental discounting (LRD) to provide exits to private equity firms like Red Fort Capital and Proprium Capital through buy-back of their investments in office building near Connaught Place.

The company has completed 57 projects, measuring 25.35 million sq ft of developed area. Currently, 44 projects are under construction covering 53.39 million sq ft.

The company's share price closed 2.41 per cent up at Rs 19.10 apiece on BSE yesterday.