SNG & Partners has acted on the issuance of non-convertible debentures by Eldeco Infracon Realtors.

June 21, 2024

Eldeco Infracon Realtors Limited has issued fully secured, unlisted, guaranteed, redeemable, rupee-denominated, transferable, and interest-bearing non-convertible cumulative debentures amounting to ₹350 crores to HDFC Capital Affordable Real Estate Fund – 3.

SNG & Partners served as legal counsel to the investors and the debenture trustee. The firm provided comprehensive legal advice on the transaction, including drafting, reviewing, negotiating, and finalizing transaction documents.

The Real Estate team of SNG conducted Title Due Diligence for projects involved in the deal, which spanned approximately 68 acres of residential development in Ludhiana (Punjab), 30 acres of residential and 5.4 acres of commercial development in Rudrapur (Uttarakhand), and 17 acres of residential development in Sonepat (Haryana).

Amit Aggarwal (Managing Partner, Corporate & Non-Contentious Practice) acted as the engagement partner, providing strategic inputs on the transaction. The transaction team included Aditya Vikram Dua (Partner), Nishtha Arora (Principal Associate), and Rudraksh Karnik (Associate). The Real Estate team was led by Subrata Mukherjee (Partner) and Rajesh Nautiyal (Counsel).

Eldeco Infrastructure and Properties Limited, the parent company of the issuer and a leading real estate developer in North India, has already secured two rounds of financing from HDFC Capital Limited. This third round, bringing the cumulative investment to ₹700 crores, will further accelerate the development of group housing and plotted development projects in cities like Delhi, Gurugram, Ludhiana, Sonipat, and Goa. The joint platform of Eldeco Group and HDFC Capital Limited has an estimated cumulative revenue potential of ₹8,000 crores across 17 projects.

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