Investment framework pact with IFC; wholly owned arm proposes to issue NCDs to IFC
Brigade Enterprises has entered into an Investment Framework Agreement with International Finance Corporation (IFC).
By ScoutQuest · · 2 min read
- Agreement Type
- Investment Framework Agreement with International Finance Corporation (IFC)
- Proposed Instrument
- unsecured, rated, redeemable, rupee-denominated non-convertible debentures
- Issuing Entity
- Venusta Ventures Private Limited, a wholly owned subsidiary
What was announced
- Brigade Enterprises Limited has entered into an Investment Framework Agreement with International Finance Corporation, or IFC, an institutional investor.
- Under this agreement, the company and IFC have agreed to invest in eligible middle income housing projects.
- Venusta Ventures Private Limited, a wholly owned subsidiary of Brigade, proposes to issue unsecured, rated, redeemable, rupee-denominated non-convertible debentures to IFC.
- The issue is proposed in one or more tranches, and the debentures are proposed to be listed on the wholesale debt market segment of BSE.
What the agreement covers
The agreement records the understanding of the company and IFC towards investment in the construction and development of eligible residential projects, including a project to be developed by Venusta Ventures Private Limited. In simple terms, a large development finance institution is tying up with the company and its wholly owned subsidiary to fund housing projects.
Rights proposed for IFC
- IFC will have rights that are customarily provided to lenders, including the right to appoint a director in Venusta Ventures Private Limited and the right to restrict any change in that company's capital structure.
- The debenture issue is proposed pursuant to the agreement and in accordance with related transaction documents, including upon fulfilment of agreed conditions precedents.
What changes for shareholders
- IFC is a financial investor and does not, and will not, hold any shares in Venusta Ventures Private Limited as a consequence of this arrangement.
- No shares are proposed to be issued to IFC, so there is no equity dilution at the listed company or at the subsidiary from this arrangement.
- IFC is not related to the Promoter or Promoter Group of Brigade, and the transaction with IFC is not a related party transaction.
How to read this
The announcement is about a proposed debt investment structure through a wholly owned subsidiary rather than about the listed company directly. The value of the arrangement rests on the eligible residential projects it funds and on the terms of the debentures to be issued.
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