Gaurs Group has successfully raised ₹440 crore through its maiden public issuance of non-convertible debentures (NCDs), with the issue being fully subscribed by three leading mutual funds. Issued by Gaursons India Private Limited and slated for listing on the National Stock Exchange, the transaction marks a key milestone for the non-listed real estate developer, underscoring growing institutional confidence in its financial discipline, balance sheet strength, and long-term growth strategy.

Kotak Mahindra Bank acted as the sole arranger for the transaction.

“The successful subscription of the NCD issue underscores the Group’s financial resilience and its growing credibility with institutional investors. It also provides us with greater flexibility to support expansion while maintaining a prudent capital structure,” said Sarthak Gaur, Director, Gaurs Group.

“It’s been extremely satisfying to be associated with Gaurs Group, adding another dimension to the existing relationship and we are grateful to be associated with the issue of Rs. 440 crores of NCDs. The maiden issue by the group was very well received by capital market players evidenced by complete subscription at competitive rate.” added a Kotak spokesperson

The process was completed over a period of nearly three months. Proceeds from the issue will be utilized for the Group’s business requirements, including land acquisition, construction and project execution, repayment of higher-cost borrowings, and general corporate purposes. Since the funds have been raised at the holding company level, they will also provide liquidity and financial flexibility to the Group’s operating subsidiaries.

A notable aspect of the listing is that only a limited number of non-listed real estate companies in India have successfully raised capital through listed debentures with participation from multiple mutual funds, reflecting institutional confidence in the Group’s financial discipline and operating track record.

“This transaction strengthens the Group’s balance sheet and enhances our financial flexibility. The successful subscription reflects the confidence of institutional investors in our business fundamentals and long-term strategy. The funds will support our expansion plans and help us accelerate execution across projects while optimizing our cost of capital,” said Vineet Singhal, Chief Financial Officer, Gaurs Group.