Equinox India Secures INR 950 Crore via NCDs to Propel Panvel Realty Projects

Mumbai | Strategic Fundraising for Growth

Equinox India Developments (formerly Indiabulls Real Estate) has successfully raised ₹950 crore through non-convertible debentures (NCDs) to finance its ambitious real estate projects—Indiabulls Greens & Park in Panvel. The capital infusion aims to accelerate development under the Maharashtra government’s MMRDA Lease Rental Housing Scheme.

Key Highlights of the NCD Issue

The 48-month NCDs were issued by Lucina Land Development (LLDL) at an interest rate of 13.00%.

The issuance is backed by corporate guarantees from Equinox India, Sion Developers, Citra Properties, and RGE Constructions.

The NCDs hold an IVR A(CE)/Stable rating from Infomerics, ensuring investor confidence.

A three-notch downgrade triggers an accelerated redemption option, requiring LLDL to repay principal and interest within 90 days.

The coupon rate adjusts by 25 basis points (0.25%) per rating notch, increasing upon a downgrade and decreasing with an upgrade.

Project Overview:

Indiabulls Park (Phase 2), Panvel Spans 53 acres under development by LLDL.

Features a saleable area of 27.07 lakh sq. ft.

Aligned with the MMRDA Lease Rental Housing Scheme for enhanced housing solutions.

Equinox India's Transformational Journey

Under new leadership since February 2023, transitioning from a promoter-led entity to a professionally managed firm.

Major capital raise of ₹3,911 crore in April 2024 through preferential allotment at ₹111.50 per share.

Key investors include Embassy Group, Blackstone, Florence, Baillie Gifford, and Quant MF.

Land Bank & Strategic Expansion Equinox India commands a 3,232-acre land bank across Maharashtra, NCR, and Chennai.

Holds 1,688 acres of SEZ land in Nashik and Raigad, reinforcing its strategic focus on Mumbai and NCR real estate development.

Stock Market Performance

Equinox India’s shares were valued at ₹142 on BSE as of Wednesday.

News Disclaimer:

This article is for informational purposes only and does not constitute investment advice. Readers are advised to conduct their own due diligence before making financial decisions. The information is based on publicly available sources and may be subject to change.