Ackruti City raises Rs 300 crore by mortgaging two buildings
30 June 2011
Mumbai-based realtor Ackruti City has raised Rs300 crore from three lenders by mortgaging two completed commercial buildings - Ackruti Star and Ackruti Solaris - in suburban Andheri.
The news pushed the company's shares by 20 per cent in early trade on the Bombay Stock Exchange.
Ackruti City has mortgaged the two properties with Future Capital's non-banking financial company (NBFC) arm, State Bank of India and ICICI Bank, according to a report in The Economic Times.
It maortgaged Ackruti Star, a 4,00,000 sq ft property, to raise Rs150 crore from Future Capital's non-banking financial arm, and another Rs150 crore from SBI and ICICI Bank by mortgaging its 4,50,000 sq ft commercial building Ackruti Solaris.
At present market value, the valuation of these buildings is close to Rs450 crore each, the newspaper said, quoting an industry source who did not want to be named.
The developer had recently raised Rs100 crore by selling stake in a suburban Mumbai residential project from the private equity firm (PE), Milestone Capital. The PE firm had made the investments through Milestone Domestic Scheme III, a fund that invests in residential projects.