SNG & Partners assists with Eldeco Infracon’s NCD issuance

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Issuance of Non-convertible Debentures
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SNG & Partners assisted the investor and debenture trustee in the issuance of fully secured, unlisted, guaranteed, redeemable, rupee-denominated, transferable and interest-bearing non-convertible cumulative debentures by Eldeco Infracon Realtors. Eldeco is a subsidiary of Eldeco Infrastructure and Properties, a real estate developer in north India.

The debentures have an aggregate face value of up to USD42 million and were issued to the HDFC Capital Affordable Real Estate Fund-3, the first scheme of HDFC Capital AIF-3, a category II alternative investment fund.

SNG & Partners acted for the investors and debenture trustee, offering advice on drafting, reviewing, negotiating and finalising the transaction documents. The deal was led by managing partner Amit Aggarwal, with partner Aditya Vikram Dua, principal associate Nishtha Arora, and associate Rudraksh Karnik.

SNG’s real estate team conducted title due diligence for several projects in this deal, covering around 27.5 hectares of residential development in Ludhiana (Punjab), 12 hectares of residential and 2.1 hectares of commercial development in Rudrapur (Uttarakhand), and 6.9 hectares of residential development in Sonepat (Haryana). Partner Subrata Mukherjee and counsel Rajesh Nautiyal led the real estate team.

 

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