Ahmedabad (Gujarat) [India], Sep 10 (ANI): The board of directors at Arvind SmartSpaces Ltd (ASL) on Friday approved allotment of 68.5 lakh equity shares aggregating to Rs 85 crore to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and promoters of ASL at a price of Rs 124 per share.
The equity raised in this round will give strong impetus to growth initiative and further strengthen the balance sheet, said the company in a statement.
It said the investment by H-CARE 1 is testament to the resilience of real estate sector and a recognition of the fact that corporate branded real estate companies with strong balance sheets are well poised to capitalise on emerging opportunities.
ASL Chairman Sanjay Lalbhai said the infusion of long-term patient capital will give the company flexibility to pursue strategic growth across all segments that it operates in.
"The enhanced equity base and low leverage gives the company significant headroom to raise further capital to pursue value accretive opportunities. This coming together of two of the most trusted brands and businesses in India -- HDFC and Arvind -- will create tremendous value for all our stake holders."
Metta Capital acted as the exclusive financial advisor to ASL for this transaction. Wadia Ghandy acted as the legal counsel to ASL for this transaction and AZB acted as the legal counsel for HDFC Capital Advisors.
Arvind SmartSpaces Ltd has operations spread across 19 projects in Ahmedabad, Bengaluru, Pune and Gandhinagar. The company operates across multiple verticals like residential, commercial, industrial, retail, plotted developments, club houses and golf courses. (ANI)