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.

Ackruti has been trying to raise money in the last 6-12 months to reduce its debt. The builder intends to utilise the money raised to reduce debt, finish construction at a number of its projects including an Special Economic Zone at Mulund and pay over Rs 300 crore to the Slum Rehabilitation Authority for its Kala Nagar redevelopment project.

The builder had a net debt of about Rs 1,800 crore as on March 31, 2011. It has a land bank of 68 million sq ft and about 17 million sq ft of area under development.

At 10.52 a.m., the company's shares were trading up by 10.83 percent at 211.25 rupees.