Rajani Associates advised Ajmera Realty & Infra India Limited (ARIL) on its issue of equity shares, valued at approximately ₹225 crore, on a preferential basis to a pre-identified group of investors.
Rajani Associates' transaction team consisted of Rajeev Nair (Partner), S Shivganesh (Senior Associate) and Ishita Raghav (Associate).
The Firm's responsibilities included advising on the transaction structure in compliance with applicable laws, drafting and assisting with board and shareholder resolutions, notices for general meetings, requisite disclosures, and documents for submission to BSE and NSE. It also involved supporting the client in applying for in-principle approval from BSE and NSE, facilitating related corporate actions, preparing the offer letter for identified investors, addressing queries and concerns raised by BSE and NSE, and providing guidance on the execution of the Monitoring Agency Agreement between the Company and the Monitoring Agency
ARIL raised ₹225 crore through a preferential equity issue, offering shares at ₹711 per share to identified investors. The funds were strategically utilised to strengthen the company’s financial position by reducing outstanding debt by ₹100 crore, bringing it down to approximately ₹693 crore.
The company intends to utilise the remaining equity funds to accelerate project launches and enhance corporate functionalities. ARIIL currently has ongoing projects in Mumbai, including “Manhattan”, “Greenfinity”, “Bhandup”, “Prive”, and “Eden”, along with developments in Bangalore such as “Ajmera Lugaano” and “Ajmera Florenza”.
ARIL, a prominent player in the Indian real estate sector, is renowned for its legacy of delivering high-quality residential and commercial projects. Headquartered in Mumbai, the company has a diversified portfolio that spans affordable housing, luxury developments, and integrated townships, catering to a wide spectrum of customers
The company launched its Initial Public Offering (IPO) in 1985, making it one of the early entrants in the real estate sector to go public.
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