SNG & Partners acts on Issuance of non-convertible debentures by Eldeco Infracon Realtors

The debentures have aggregate face value up to ₹350 crore.
Eldeco Infracon Realtors
Eldeco Infracon Realtors

Eldeco Infracon Realtors Limited has issued and allotted fully secured, unlisted, guaranteed, redeemable, rupee-denominated, transferable and interest-bearing non-convertible cumulative debentures, aggregating up to ₹350 crore to HDFC Capital Affordable Real Estate Fund – 3.

SNG & Partners acted as the legal counsel to the investors and debenture trustee. The Firm provided comprehensive legal advice on the transaction including but not limited to the drafting, reviewing, negotiation, and finalisation of transaction documents.

The Real Estate team of SNG was involved in carrying out the Title Due Diligence with respect to some of the Projects in this deal spread Across Ludhiana (Punjab) for approximately 68 acres covering various residential development, Rudrapur (Uttarakhand) for 30 acres in Residential and 5.4 acres in commercial development and Sonepat (Haryana) for 17 acres of residential development.

Amit Aggarwal (Managing Partner, Corporate & Non-Contentious Practice) acted as engagement partner and provided strategic inputs on the transaction.

The transaction team consisted of Aditya Vikram Dua (Partner), Nishtha Arora (Principal Associate) and Rudraksh Karnik (Associate).

The Real Estate team was led by Subrata Mukherjee (Partner) and Rajesh Nautiyal (Counsel).

Amit Aggarwal, Aditya Vikram Dua, Subrata Mukherjee
Amit Aggarwal, Aditya Vikram Dua, Subrata Mukherjee

Eldeco Infrastructure and Properties Limited, parent company of the Issuer and a north India-based leading real estate developer, has already raised two rounds of financing from HDFC Capital Limited, and this third-round injection resulting in cumulative investment of ₹700 crores, will further accelerate the development of group housing and plotted development projects in multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa. Eldeco group and HDFC Capital Limited joint platform’s cumulative revenue potential across 17 projects is estimated to be ₹8,000 crores.

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