Parinee realty bags Rs.300-cr funding deal

Parinee Group owned commercial realty project has recently secured Rs. 300-cr from private equity major Carlyle Group-backed PNB Housing Finance. In this connection, both the parties have entered into an agreement that the funds will be provided in stages and the tenure of the facility is four years. The project, Parinee I, is an office complex being built on around 1 acre of land parcel commercial space of 5 lakh sq.ft spread with over 30 floors in Andheri, western suburb of Mumbai, said sources. They said adding that the transaction for the construction finance has been closed recently and the first tranche of the facility has already been disbursed. The funding will help Parinee to complete and deliver the project within the stipulated timelines.