Century Real Estate raises Rs100 crore
Century Real Estate raised Rs100 crore last week through a private placement of Non-convertible Debentures (NCDs). The company received an overwhelming response with the entire issue being fully subscribed on the first day of opening of the issue.
Mahesh Prabhu, Director-Finance, Century Real Estate talking on the occasion of the issue closing said "The Management of Century Real Estate is thankful to all the investors for the confidence reposed in our company."
The company will be utilizing these funds towards project development. Century Real Estate has plans to launch seven new projects with a built-up area of 1.7mn sq ft in the next 8 months. Mr Prabhu further said "With the launch of these projects, we would have added an inventory of over 1500 apartments to our already existing inventory of 1200 apartments".
The company currently has nine ongoing projects with a total built-up area of 1.2 mn sq ft in various parts of the city.