Arvind SmartSpaces (ASL) has raised around Rs 85 crore equity capital through the allotment of 68.5 lakh equity shares to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and the promoters of ASL for Rs 124 per share.
Post allotment of shares, H-CARE 1 will have about a 9.5 per cent stake in the company. The equity raised in this round will give a strong impetus to this growth initiative and further strengthen the balance sheet. The enhanced equity base and low leverage give the company significant headroom to raise further capital to pursue value accretive opportunities. The Board of Directors of the company at its meeting held on September 10, 2021 has approved the same.
The company is engaged in to the business of Construction and Real Estate.
