Brigade Enterprises (BEL) has entered into an Investment Framework Agreement with International Finance Corporation (IFC), pursuant to which the company and IFC have agreed to invest in eligible middle income housing projects.
Pursuant to the Investment Framework Agreement and in accordance with related transaction documents (including upon fulfilment of agreed conditions precedents), Venusta Ventures (a wholly owned subsidiary of BEL) proposes to issue unsecured, rated, redeemable, rupee-denominated non-convertible debentures, in one or more tranches, to IFC that are proposed to be listed on the wholesale debt market segment of BSE.
Purpose of entering into the agreement is to record the agreement of the company and IFC towards investment in the construction and development of eligible residential projects, including for development of a project by Venusta Ventures.
Brigade Enterprises, a flagship company of Brigade Group, is engaged in developing residential, commercial and retail properties primarily in Bangalore and Mysore, and has also developed and is managing a number of serviced apartments under the brand, Brigade Homestead.
