Brigade Enterprises Limited has executed an Investment Framework Agreement with the International Finance Corporation (IFC). Under this agreement, Brigade Enterprises and IFC will invest in eligible middle-income housing projects. As part of the arrangement, Venusta Ventures Private Limited, a wholly-owned subsidiary of Brigade Enterprises, will issue unsecured, rated, redeemable, rupee-denominated non-convertible debentures to IFC. These debentures are proposed to be listed on the wholesale debt market of BSE.
Brigade Enterprises and IFC Forge Investment Partnership
Brigade Enterprises Limited (‘BEL’) has announced the execution of an Investment Framework Agreement with the International Finance Corporation (‘IFC’). This strategic partnership is aimed at facilitating investments in eligible middle-income housing projects.
Debenture Issuance and Listing
Following the agreement and the fulfillment of certain conditions, Venusta Ventures Private Limited, a wholly-owned subsidiary of BEL, will issue unsecured, rated, redeemable, rupee-denominated non-convertible debentures to IFC. These debentures are planned to be issued in one or more tranches. The company intends to list these debentures on the wholesale debt market segment of the BSE.
Key Terms and Related Parties
The agreement outlines terms that are standard for lenders, including the right for IFC to appoint a director in Venusta Ventures Private Limited and to restrict changes in its capital structure. Notably, the transaction with IFC is not considered a related party transaction. Brigade Enterprises Limited is the listed entity, with Venusta Ventures Private Limited as its wholly-owned subsidiary. The International Finance Corporation is a financial investor and will not hold shares in Venusta Ventures Private Limited under this arrangement.
The disclosures pertaining to this agreement have been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: BSE
