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Atmosphere Realty Pvt Ltd has successfully cleared its INR 218-crore debt owed to Japan's Marubeni Corporation through the early redemption of debentures. The company, a joint venture involving The Wadhwa Group, Man Infra Construction Ltd, and Chandak Realtors Pvt Ltd, completed the process well before the scheduled maturity date. Originally set to mature in 2030, the Non-Convertible Debentures (NCDs) were fully redeemed. The early settlement was facilitated by robust sales and internal accruals, particularly from the 'Atmosphere O2' project in Mumbai. Marubeni Corporation has reaffirmed its trust in partnerships with reputed developers and aims to explore further collaborations with Atmosphere Realty.
Atmosphere Realty Pvt Ltd has successfully settled its INR 218-crore debt with Japan's Marubeni Corporation through the early redemption of debentures issued by the company. Advertisement
Atmosphere Realty is a joint venture comprising The Wadhwa Group, which holds a 50 per cent stake, Man Infra Construction Ltd with 30 per cent, and Chandak Realtors Pvt Ltd with 20 per cent.
In a statement, Atmosphere Realty conveyed that it had successfully completed the early redemption of its secured Non-Convertible Debentures (NCDs), significantly ahead of the scheduled maturity date.
The debentures were originally scheduled to mature on December 9, 2030, with a maximum tenor of 10 years. However, the company fully redeemed these NCDs earlier this week.
Atmosphere Realty had initially issued 2,179 debentures, each carrying a face value of INR 10 lakh, amounting to a total of INR 217.9 crore on December 9, 2020. Marubeni Corporation had acquired these NCDs.
The early redemption was made possible due to strong sales and internal accruals, primarily driven by the success of 'Atmosphere O2', a premium gated-community project located in Nahur, Mulund West, Mumbai.
The statement further highlighted that the successful exit of Marubeni Corporation's investment reinforces confidence in partnering with top-rated developers with a strong track record of development, timely completion, and a focus on high-quality projects.
Additionally, the statement mentioned that following the successful conclusion of this transaction, Marubeni and Atmosphere Realty are keen to explore further investment opportunities together.
Atmosphere Realty's early redemption of INR 218-crore worth of NCDs from Marubeni Corporation underscores the company's financial strength and operational efficiency. Marubeni Corporation's positive outlook on its partnership with Atmosphere Realty indicates the potential for future collaborations, highlighting the credibility and trustworthiness of the real estate firm in the market.
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