IVR Prime Raises Rs 150cr Via NCDs
IVR Prime Urban Developers Ltd has raised Rs 150cr through private placement of issue of 1500 secured redeemable NCDs of Rs 10 lakhs each for cash.
The company will utilize the funds to finance its business activities, including investments into infrastructure projects.
These NCDs will be listed on NSE. The coupon rate of the NCDs is 9.5% p.a. interest payable on quarterly basis. The allotment of the NCDs has been made on Mar. 10, 2010.
The NCDs are issued with a tenor of 36 months, repayable in two equal installments at the end of 24th month and 36th month.
The company has been rate A+ (Ind) (SO) from Fitch Ratings for Rs 150cr NCD program.
Transaction Reference: My Iris
IVR Prime Urban Developers is a real estate development company focusing on integrated townships, residential developments and commercial projects, including hotels, retail malls, IT parks and other projects in various parts of India.
The company has land bank of 3,330 acres, which is located mainly in Chennai (1,542 acres) and Pune (1,144 acres).
The company is a part of the IVRCL Group.
In May 2009, it was reported that IVR Prime's management was looking to exit its realty business since demand was low and fund raising options were limited. At that time, rents were lower than EMIs and realty business was in a lull.
However, in November, IVRCL was to increase its holding in IVR Prime to 80.46% from 62.35%, after transfering its BOT businesses to its subsidiaries.
IVRCL announced a re-organisation plan in January 2010, which entails an amalgamation of its current and new BOT projects under IVR Prime.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 30/09/10 | IVRCL Assets & Holdings - IFCI | Private Equity | IFCI Limited | 55.50 |
| 26/07/07 | IVR Prime Urban Developers Limited - IPO | IPO / Offerings | 193.26 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/02/12 | Private Equity | Ascendas India Trust | Operational Buildings | 36.04 | Completed |
| 02/02/12 | Private Equity | Baring Private Equity Asia Limited | RMZ Corp Holdings Private Limited | - | Announced |
| 02/02/12 | Private Equity | GIC Special Investments Pte Limited | Godrej Properties Limited | 100.00 | Announced |
| 27/01/12 | Private Equity | IL&FS Investment Managers Limited | Logix Cyber Park - Noida | 120.48 | Announced |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| IVRCL Assets & Holdings Limited (Formerly IVR Prime Urban Developers Ltd) | IVRCL Limited (Formerly IVRCL Infrastructures & Projects Ltd) E Sudhir Reddy & Family Soma Hotels & Resorts Limited |
No.M-22/3RT, Vijaynagar Colony, Hyderabad-500057. |
Sobha Developers Limited DLF Limited Ansal Properties And Infrastructure Limited |
www.ivrprime.com |
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