Peninsula Land is reportedly planning to raise Rs 525 crore by selling non-convertible debentures (NCDs) to complete acquisition of a defunct mill land in Mumbai’s Byculla area.
The company won an auction last year to buy the five-acre land from Mahindra Lifespace Developers and the Kanoria family.
Further, the company plans to induct an investor in the project. The investor is expected to own around 45% in the project.
Peninsula Land is known for its concept-based architectures in the commercial, retail and residential sectors. The company is also known for its professional corporate management, international landmarks and value additions.