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Mumbai: Sale of property to redeem funds

Following the footsteps of Dlf, real Estate giant, GOL Offshore, an offshore oilfield service, plans to redeem as much as Rs 200 Crore Foreign Currency Convertible Bonds (FCCBs). The latter are due in April 2013.

 

As per a media report which was published in The Economic Times the company has been successful in raising nearly Rs 30 Crores by selling two high end residential flats. The first of these was located in the Malabar Hill region while the second one was in South Mumbai. The company plans to make three similar sales and anticipates to raise nearly Rs 60 Crores. Although it seems likely that this capital will be used to redeem FCCB, this information has not been made public.

 

Several companies have monetized real estate assets to raise capital in the last few years. These include Standard Chartered Bank, Voltas and DLF, to name a few.

 

Favista’s views: Clearly real estate investments in prominent places in metro cities like Mumbai can be used as a potential tool to liquidate funds.

 

 

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