Amrapali Group Raises R225Cr From ICICI Prudential, IL&FS Investment

Amrapali Group has raised R225Cr from ICICI Prudential AMC and IL&FS Investment Managers for two separate projects in Noida.

The funds raised will be used for the construction of two projects and to pay off some of its high-cost debt.

ICICI Prudential AMC will invest R150Cr through compulsory convertible debentures in Amrapali Group's Noida project - Silicon City in Sector-76.

IL&FS Investment Managers is investing R75Cr for a 24% shareholding in Amrapali's Princely Estate project in Noida.