Supertech Plans To Raise ₹ 1,600 Crore By July To Complete 18 Projects In Delhi-NCR
Real estate company Supertech Ltd is planning to raise approximately ₹1,600 crore from institutional investors by July in order to complete its 18 ongoing housing projects in Delhi-NCR, according to Chairman RK Arora. The company has already signed a term sheet with investors and is currently undergoing due diligence.
The Supreme Court has given approval for interim funding to complete the projects and hand over the flats to existing customers. The funds will be used for construction purposes, while the company’s receivables from customers and sales of unsold units will be used to clear outstanding amounts owed to banks, non-banking financial companies (NBFCs), new investors, and authorities.
The projects comprise around 50,000 apartments, and the company aims to deliver possession of 17,000 flats to customers within the next two years. The proposed funding, combined with customer receivables, will allow the completion of these projects, which are considered net worth positive.
In March last year, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against Supertech Ltd in response to a petition filed by Union Bank of India. However, the NCLAT later ordered insolvency proceedings for only one of the housing projects, while the other projects were allowed to proceed under the supervision of an Interim Resolution Professional.
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