Global private equity company Bain Capital has infused Rs 1,330 crore (around $175 million), along with other investors in Delhi-based real estate developer TARC Ltd.
Bain Capital has invested in Rs 1,130 crore via debentures maturing in 2027 and Rs 200 crore through notes maturing in 2023 end.
"The company has successfully raised Rs 1330 crore by way of issuance of secured non- convertible debentures (NCDs),” TARC (formerly Anant Raj Global) said in a regulatory filing.
The funds have been used to retire all loans of the company. Accordingly, all existing loans of TARC stand paid off as at April 29, 2022, it said in the filing.
Prior to this, TARC had divested its stake in its two wholly-owned subsidiaries, Goodluck Buildtech Pvt. Ltd and Anant Raj Hotels Ltd to US-based asset manager, Blackstone Inc.
TARC Ltd has a presence across different segments of India’s real estate market.
The transaction by Bain Capital comes amid an increase in Indian real estate bets by global alternative asset managers.
In April, US-based Varde Partners invested Rs 440 crore as debt capital in north-based real estate development firm Omaxe.
In the same month, one of the world’s largest sovereign funds Abu Dhabi Investment Authority (ADIA) picked up 10% stake in HDFC Capital Advisors, HDFC’s real estate alternative investment fund management business.
Canada Pension Plan Investment Board (CPPIB), among the most active alternative investors in India’s real estate sector, also announced recent partnerships with Tata Realty and Infrastructure Ltd, Bengaluru-based realty firm RMZ Corp and The Phoenix Mills Ltd.
Its peer Canadian investment firm Brookfield Asset Management last month acquired 51% stake in four commercial properties from billionaire Sunil Mittal-led Bharti Enterprises besides recently agreeing to acquire headquarters of IL&FS (Infrastructure Leasing and Financial Services) at Mumbai's BKC for Rs 1,080 crore (around $143 million).
