Nisus Finance Services Co Limited (BSE: NISUS | 544296) has successfully exited its investment in Suvita Real Estate Private Limited, a wholly owned subsidiary of Shapoorji Pallonji Real Estate Private Limited (SPRE), delivering a strong Internal Rate of Return (IRR) of 18.74% under its Real Estate Special Opportunities Fund – 1 (RESO-I).
Investment Overview
Nisus Finance had invested ₹105 crore in Senior Secured Rated Listed Non-Convertible Debentures (NCDs) issued by Suvita Real Estate in January 2024. These NCDs were listed on BSE’s wholesale debt segment and were structured to finance a 12.16-acre land parcel in Manjri Budruk, Pune, supporting SPRE’s expansion in affordable housing.
Exit Details
- Full Redemption: SPRE redeemed the NCDs using internal accruals and capitalization.
- Returns: The exit yielded an IRR of 18.74%, exceeding expectations.
- Fund Impact: This marks the first successful exit under RESO-I, reaffirming Nisus Finance’s investment strategy.
Project & Market Insights
The 12.16-acre land in Manjri Budruk, Pune, has a development potential of 2.1 million sq. ft. and is part of Shapoorji Pallonji’s larger 148-acre township in Eastern Pune along NH-9. This affordable housing-focused development has witnessed strong sales and price appreciation.
Leadership Commentary
Amit Anil Goenka, Chairman & MD, Nisus Finance, highlighted the deal’s strategic execution, emphasizing Nisus Finance’s ability to unlock high-yield returns while backing established developers like SPRE. He noted that SPRE’s financial strength and project resilience ensured a seamless and ahead-of-schedule exit.
Venkatesh Gopalakrishnan, MD, SPRE, stated that structured capital from Nisus Finance played a crucial role in optimizing Shapoorji Pallonji’s growth strategy, facilitating an early exit while maintaining financial stability.
