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Brigade Developers plans fund raising for new launches
Bangalore-based brigade developers are looking to raise project-specific debt. These funds will be deployed into the 10 million square feet of new launches that the company is planning for FY12.
Bangalore-based Brigade Developers are looking to raise project-specific debt. These funds will be deployed into the 10 million square feet of new launches that the company is planning for FY12. CNBC-TV18's Vineetha Athrey reports.
Sources indicate that the company is looking to raise around Rs 700 crore. The debt would raised in two tranches of about Rs 350 crore each. The first tranche is expected to finish in September, 2011.
It would include banks like State Bank of India (SBI), Bank of Baroda, Corporation Bank and Bank of Allahabad. The funds from first tranche would be used for four of the company's projects under construction.
Sources also indicate that the debt component would go up to 35-40% of the total cost of project.
Brigade is also planning about 10 million square feet of new launches in FY12 with a total capital outlay of Rs 2,000 crore.
