Garnet Construction to issue 60 lakh warrants
Real estate firm Garnet Construction today said it will issue 60 lakh warrants to stakeholders to raise funds for its on-going project near Panvel, Navi Mumbai.
By PTI |
MUMBAI: Real estate firm Garnet Construction today said it will issue 60 lakh warrants to stakeholders to raise funds for its on-going project near Panvel, Navi Mumbai.
The company's Board of Directors has approved the proposal of coming out with convertible warrants for a period of 18 months, a release said.
The company is issuing the warrants to part-fund the on-going construction of high-end row houses and bungalows and other commercial properties called Magic Hills near Panvel. The project encompasses 400 acres of land at the Mumbai-Pune Express Highway.
"Also, funding would be made at our warehousing and logistic centre at Khopoli," Garnet Construction Director Arun Kumar Kedia said in the release.
The company has already received 120 booking orders for the project, which is valued at Rs 1,200 crore with residential portion of 250 acres accounting for Rs 900 crore, he said.
Garnet Construction has entered into an exclusive global marketing alliance with Dubai-based Sternon Group to market Magic Hills to prospective buyers around the world.
Sternon Group will invest up to USD 3-4-million in this project, the release added.
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