Amarchand Mangaldas advised realty giant DLF on India’s first commercial mortgage backed securities (CMBS) issue to raise Rs 3,500 crore this fiscal.
Amarchand Mumbai banking partner Leena Chacko acted for DLF whose CMBS bonds which come close on the heels of new rules allowing developers to raise money through real estate investment trusts, reported Firstbiz.
Firstbiz added that the asset-backed structure of CMBS points to renewed interest in securitisation, and CMBS would help DLF save interest costs by replacing existing debt. DLF had Rs 19,508 crore net debt as on 30 September and its finance cost stood at about Rs 600 crore during the second quarter of the last fiscal, according to ET.
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