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Parsvnath raises Rs 355 crore via pvt placement of debentures

Real Estate firm Parsvnath today said it has raised Rs 355 crore through private placement of debentures.

In a regulatory filing, Parsvnath Developers said it has allotted unlisted, secured, redeemable, non-convertible debentures having face value of Rs 5 lakh each aggregating to Rs 355 crore on private placement basis on March 30.

Sources said that the fund has been raised from Edelweiss and it will be used to prepay debt of the company.

Last month, the company had said it will cut net debt by up to Rs 400 crore and invest the rest on ongoing projects after receiving Rs 572 crore from Chandigarh Housing Board in a settlement of dispute over a realty project.

Shares of the company today closed at Rs 18.65 apiece on BSE.