M3M raises Rs 570 cr from Oaktree Capital Management
New Delhi: Even in difficult circumstances for the real estate industry in India, realty firm M3M has been able to raise Rs 570 crore in the form of debt from Oaktree Capital Management.
M3M’s Director Pankaj Bansal has said that the Oaktree has invested Rs 570 crore in the realty firm in a tweet.
Oaktree will invest the money through non convertible debentures (NCDs). The first installment of Rs 370 crore has been received by M3M and the balance amount will be in the form of working capital, it is learnt.
M3M group has about 2,000 acres of land in North India. It has signed a MoU with a Swedish company to develop a climate-neutral smart city in Delhi-NCR’s Gurugram. The smart city will come up on come up on 165-acre land. M3M has entered into MoU with Sweden-based Urban Systems urbs AB that will potential to get foreign investment of about Rs 14,000 crore.