AdaniProperties Adani Properties raised Rs 800 cr from Credit Suisse to finance expansion plans: Report
Adani Properties Pvt Ltd (APPL) has raised Rs 800 crore from Credit Suisse to finance its expansion plans, media reports said.
Economic Times reported that APPL raised the funds to increase its footprint in the realty sector with new acquisitions, adding that the company had also received funding from Barclays Merchant Bank and an affiliate of JPMorgan Chase in recent months.
APPL, which raises money for the Adani group of companies, has raised Rs 2,525 crore for period of one to three years at an interest rate of 15 percent.
The finances were raised through zero-coupon bonds by pledging shares of SB Adani Family Trust, the report said citing the sources.
SB Adani Family Trust holds the promoter shares of listed Adani Group companies.
Credit Suisse supplied the funds in three tranches in August and Rs 550 crore in two tranches in April, while Barclays invested Rs 425 crore into bonds maturing on April 30, 2025, according to the report.
JPMorgan affiliate Copthall Mauritius Investment provided Rs 750 crore in four tranches in April, the report said.
Rating company Infomerics has rated Adani Properties' bonds as IVR AA (CE) with a stable outlook.
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