Marathon Nextgen Realty secures INR 9bn through QIP

Marathon Nextgen Realty has successfully raised INR 9 Billion through a Qualified Institutions Placement (QIP). The company plans to utilize the capital for expansion, focusing on new opportunities within the Mumbai Metropolitan Region. The QIP saw participation from both domestic and international institutional investors, including Quant Mutual Fund and Kotak Alternate Asset Managers. Proceeds will be strategically allocated, with 38% earmarked for debt reduction (INR 3.4 Billion), 33% for land acquisition and development rights (INR 3 Billion), 18% for funding ongoing projects (INR 1.6 Billion) and 11% for general corporate purposes (INR 1 Billion). The company's net debt-to-equity ratio is expected to improve.