Partnership8 May 2024, 06:55 pm
Peninsula Land Ltd. Approves Strategic Partnership for INR 1,330 Crore Real Estate Development Platform
AI Summary
In a board meeting held on May 8, 2024, Peninsula Land Ltd. approved the establishment of a real estate development platform in collaboration with Alpha Alternatives Fund Advisors LLP, Delta Corp Limited, and investors from Piramal India. The platform aims to deploy up to INR 765 crore in residential re-development and plotted development projects. The partners plan to contribute an aggregate of INR 1,010 crore and the company is considering issuing unsecured, unlisted optionally convertible debentures to Arsenio Strategies Private Limited for INR 149.99 crore. The shareholders' approval is sought for these decisions at an extraordinary general meeting scheduled for June 3, 2024.
Key Highlights
- Peninsula Land Ltd. entered into a strategic partnership to set up a real estate development platform
- The RE Platform aims to deploy up to INR 765 crore to fund residential re-development and plotted development projects
- The partners plan to contribute INR 1,010 crore to the platform
- Peninsula Land considers issuing unsecured, unlisted optionally convertible debentures to Arsenio Strategies Private Limited for INR 149.99 crore
- Shareholders' approval is sought for these decisions at an extraordinary general meeting scheduled for June 3, 2024