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2
September 2016
In the largest debt transaction
within the real estate funding space, Piramal Fund Management (PFM) has
invested Rs 2,320 crore across several projects of Lodha Group in the city to
replace existing debts. The Total Investment & Insurance Solutions
"The use of proceeds will
ensure completion of what we believe to be marquee projects in Central and
South Mumbai," said PFM's Managing Director Khushru Jijina.
The deal has been structured as a
fixed return debt investment with periodic coupon payments and has an
appropriate security mechanism in place, including hard asset cover as well as
an escrow of receivables, a statement said. The Total Investment
& Insurance Solutions
"We are seeing momentum
building up in our business with sales, deliveries and collections all moving
up. This transaction will further strengthen our balance sheet and give us room
to further improve our growth," said Group's Managing Director Abhishek
Lodha.The
Total Investment & Insurance Solutions
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