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PAG Asia Invests ₹400 crore in M3M Company Bonds

PAG Asia Invests ₹400 crore in M3M Company Bonds

PAG's Asia Pragati Strategic Investment Fund has decided to invest in M3M India, a real estate developer. The promoters of M3M India were investigated by the Enforcement Directorate (ED) last year for engaging in unauthorized transactions with the IREO group.

In recent developments, PAG Asia, a major global alternative investment firm, has invested ₹400 crore into bonds of a subsidiary within the M3M India group. The investment is channeled through PAG's Asia Pragati Strategic Investment Fund into M3M India, a notable real estate player. "M3M India's Founders Under Investigation for Deals with IREO Group"

"M3M Company's Big Plan with Bonds:

The bond is issued over 3 years and 9 months, During the initial phase, the suspension will extend over the first five quarters. Investors can anticipate a yearly interest rate of 15%, yielding an internal rate of return (IRR) pegged at 18.5%, as disclosed by sources close to the matter.
It seems like M3M Company is doing something different with the taken money. They're going to borrow money from people for 3 years and 9 months. In the beginning, M3M doesn't have to pay back the money for the first 5 quarters.

People who contribute their money will get 15% extra money every year. So, if someone contributes their money, they'll get back more than they gave. It's like M3M Company is borrowing money from people to make big things happen!

M3M Company wants this money for a few important things. They owe ₹360 crore to another company called Lavish Buildmart, so they'll use a part of this money to pay them back. and they also want to buy some land for a big project called 'M3M The Cullinan' a luxury project, as M3M has various luxurious projects like M3M Antalya hills, it is a groundbreaking deal in property and demand.

"M3M India, founded in 2010, and now it is one of the leading real estate developers in the country. Led by Founder Chairman Basant Bansal, and with support from promoters Roop Bansal and Pankaj Bansal, the company is actively involved in multiple projects like "M3M Antalya Hills" and "M3M Golf Hills". M3M has chased out a significant presence in the real estate market."

It's worth noting that Lavish Buildmart, a key player in the development of the 'M3M The Cullinan' project in Noida, has made significant progress, having utilized ₹713 crore out of the estimated ₹4,365 crore cost by December 2023. This multifaceted project encompasses residential, retail, office, and mall components, slated for completion by April 2028. As per agencies Neither PAG Asia nor M3M India have provided official comments to ET's inquiries as of now.