Ajmera Realty shares fall 4% after securing Rs 500-crore loan

A portion of the funds amounting to Rs 200 crore has been utilized towards the partial prepayment of a loan availed from HDFC Bank.

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Ajmera Realty shares fell 4 percent in trade on March 6 after the real estate major bagged credit facilities of Rs 500 crore.

The firm secured credit facilities totaling Rs 500 crore from Standard Chartered Bank and ICICI Bank. According to a filing with the bourses, the funds will be used for the execution of Ajmera Manhattan, a luxurious residential project in mumabi’s Wadala neighbourhood.

A sum of Rs 200 crore has been used towards the partial prepayment of the GCP loan availed from HDFC Bank, the realtor said.

At 1 pm, Ajmera Realty stock was quoting Rs 703.3 on the BSE, down 2.8 percent from the previous session.

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The Ajmera Manhattan project sold 60 percent of its inventory as of December 2023. “The demand for the project remains strong, driven by the exponential growth in housing demand along the Sewri-Wadala belt, largely attributed to the recent launch of the Mumbai Trans-Harbour Link,” the company said.

The cost of completion is already covered by the pre-sales balance receivables. “Through this structured deal, the company has advanced the partial prepayment of the GCP loan ahead of its schedule. Consequently, the project loan repayment is expected to align more closely with project cash flows,” said the firm.

Ajmera Realty also secured this deal at a lower cost of funds compared to prevailing rates with the existing lender.

Over the past six months, the stock has gained around 90 percent. In comparison, the frontline Nifty gained 14 percent.

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