•Fund raised via Secured OCDs to be utilized in real estate projects
Mumbai, 20th October, 2016 (GPN) : – ICS Real Estate Partners Private Ltd (ICSRE), the financial services arm of ICS Group, a diversified business group with interests in real estate, financial services and hospitality, has acted as the sole advisor to Oorjita Projects Pvt Ltd, Hyderabad based real estate & construction group for its issue of INR 450 million of Secured Optionally Convertible Debentures (SOCDs) to ICICI Prudential Venture Capital Fund.
ICS Real Estate Partners (ICSRE) played an integral role in the entire transaction, right from conceptualizing the investment thesis, developing the detailed business plan, identifying and marketing to potential investors, transaction structuring and eventually, hand-holding the due diligence and documentation process. The funds raised will be utilized by Oorjita for completion of its shopping centre at Bhubaneshwar and a villa project at Hyderabad.
Talking about this transaction, Mr. Deep Kantawala, ICS Group CFO and Head, ICSRE said, “This was an interesting fund raise where we managed to achieve financial closure for two important projects of Oorjita through the issue of these SOCD’s”.
Commenting on this deal, Mr. Veer Prakash, Managing Director, Oorjita Projects Pvt Ltd, said “This funding will help fast track the development of our ‘Symphony Mall’ at Bhubaneshwar which will be the first Grade-A shopping centre in the city, housing India’s top brands. We place on record our appreciation for the team at ICSRE for their professional approach and helping us close this transaction efficiently and in record time.”