INR 505 Crore Bond Raise by Shapoorji Pallonji Group
Dhaval Vussonji & Associates advised Asia Pragati Strategic Investment Fund, managed by PAG — a leading global alternative investment firm — in relation to its INR 505 crore bond investment into Ricardo Constructions, a wholly owned subsidiary of the Shapoorji Pallonji Group engaged in the construction of large-scale residential developments.
The transaction involved a structured bond issuance, with proceeds earmarked for the completion of ongoing residential projects and the repayment of existing debt obligations. Our role included conducting a detailed title due diligence of the project assets and issuing a formal title opinion for the Fund's reliance.
Given the scale and profile of the Shapoorji Pallonji Group in the Indian real estate sector, this transaction adds significant weight to the Fund’s portfolio and represents a meaningful commitment to the completion of quality urban housing.
The transaction demonstrates our firm’s deep expertise in real estate finance and structuring, as well as our continued track record in advising institutional investors on high-value, secured investments in the Indian real estate market.