Affordable housing company Mahaveer Group has raised Rs 380 crore from Piramal Finance Ltd for five of its projects in Bengaluru, three people familiar with the transaction said.
The builder plans to mainly use the money as working capital and partly for refinancing purposes. Piramal has extended the money as construction finance. A small part of it will be used to give an exit to Motilal Oswal Real Estate Fund, which had invested around Rs22 crore at an early stage of a project.
Source: Live Mint