NEW DELHI (India CSR): Total Environment Resorts Private Limited (“TERPL”), a subsidiary of Bengaluru-based Total Environment Group, has successfully issued INR 175 crore Listed Rated Non-Convertible Debentures (NCDs), which were arranged and subscribed by Standard Chartered. This issuance marks the first listed green NCD from an Indian real estate developer.
Standard Chartered acted as the Sole Arranger and Green Co-ordinator for this issuance.
The proceeds from these NCDs will be primarily utilised for the development of a residential real estate project in Bengaluru. This project is pre-certified at Indian Green Building Council (IGBC) – Green Homes Platinum level. This issuance received a Second Party Opinion (SPO) from Bureau Veritas, an independent expert in risk management and quality assurance.
The Bank provided comprehensive support to structure the green NCD, select the SPO provider, and manage the SPO process. The issuance complies with the International Capital Market Association’s (ICMA) Green Bond Principles and the Securities and Exchange Board of India’s (SEBI) Green Debt Securities Regulations.
Kamal Sagar, Founder and Chairman, Total Environment Group, said, “We have always believed that good design is about ensuring that we achieve our own needs on this wonderful planet, without impacting our eco-system and compromising the ability of our future generations to meet their needs.”
Sanjay Gurjar, Co-Head, Coverage, India & South Asia, Standard Chartered, said, “We are proud to partner with the Total Environment Group and continue to support them with their sustainability ambitions. This issuance of India’s first listed green NCD for a real estate developer underscores our commitment to promote sustainable finance across our markets.”
Manmeet Gulati, Head of Commercial Real Estate Financing, South Asia, Standard Chartered, said, “The closure of this listed green bond for Total Environment Group aligns with our commitment to promote sustainable financing and cements our position as a first-to-market solution provider in the real estate financing space. We value our relationship with Total Environment group and will continue to support clients in their growth journey through our bespoke offerings.”
(India CSR)
