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Vipul Ltd raises Rs. 150cr from Edelweiss Group

Vipul Ltd raises Rs. 150cr from Edelweiss Group

Gurugram, August 23rd, 2017: Vipul Limited, a leading Gurugram-based real estate developer today announced that the company has raised Rs. 150 crore from Edelweiss Group, one of India’s leading financial services company. The amount raised by Vipul ltd will be utilized for the further development of its luxurious housing project ‘Aarohan Residencies’ located on Golf Course Road in the heart of Gurugram

The company has entered into an agreement with Edelweiss Commodities Services Ltd  for raising Rs. 150cr through issuance of secured, redeemable, unlisted, Non-Convertible Debentures (NCD). The NCD issued will be for tenure of 54 months.

Mr. Punit Beriwala, Managing Director, Vipul Limited, said, “The fund raise will enable us to accelerate construction of Aarohan Residences and improve visibility of the Project which we believe will add a lot of confidence to prospective buyers. The structure of the NCD deal will further ensure cash flow optimization. This fund raise, from a reputed financial group as Edelweiss is a testimony of the inherent strength of the Project. We are confident of delivering a world class product to our customers with the confluence of the best resources coming together for Aarohan residences.”

Vipul ltd has recently awarded Rs 500 crore contract to Leighton India to construct the first phase of its project 'Aarohan’. Company has already delivered four successful projects on Golf course road.

About Project Aarohan

The Project has been named ‘AAROHAN’ – a Sanskrit word meaning to Ascend or to Rise.  AAROHAN’ will be developed in phases and the first phase constitutes three iconic towers with four apartments on each floor, in each tower. The Total estimated area in the 1st Phase shall be 0.9 mn sq. ft. of Premium Residential space.

‘AAROHAN’ will include facilities such as a sky deck, landscaped intermediate terraces, amphitheater, modern security solutions including synchronized fire fighting systems, CCTV surveillance in complex, smoke and heat detectors amongst other State of the Art facilities. Many of these facilities shall be developed as part of Commercial Complex not forming part of the Premium Residential space.

About Vipul Limited  

Vipul Limited is a leading Real Estate Developer in NCR and is developing properties in Gurugram, Ludhiana, Bawal, Bhubaneshwar and Faridabad. The Group has delivered over 8mn sq. ft. of area since inception apart from some projects executed in joint venture and has completed many prime projects on Golf Course Road and Sohna Road at Gurugram. Equity Shares of the company are listed both on BSE Ltd. & NSE Ltd.