Xander Finance, the non-banking finance arm of Xander Group, had invested Rs 130 crore in Adarsh Developers’ residential project in Bengaluru.”We have already funded more than half of the total commitment of Rs 130 crore provided to Adarsh.
This facility is for project development for their villa projects in and around south-east Bengaluru,” said Amar Merani, the CEO of Xander Finance. Merani did not give any more details, but a person with direct knowledge of the deal said, “It was debt financing and the deal was closed recently. Adarsh Developers had been looking to raise money for its projects.” Adarsh Developers has been increasingly raising capital to fund projects. According to the person cited earlier, the builder is close to raising about Rs 1,000 crore from three investors — Edelweiss Group, HDFC Realty Fund and Altico Capital.