Tor, Nomura Provide Private Credit To Indian Developer Suruchi

Indian real estate company Suruchi Properties Pvt. has obtained 4.5 billion rupees ($52.3 million) of private credit for refinancing purposes, according to people familiar with the matter.

Alternative credit manager Tor Investment Management and Nomura Holdings Inc provided the debt, which is in the form of non-convertible debentures — a typical structure of many private credit deals in India, the people said, who asked not to be identified discussing a private matter.

The NCDs, which are listed on the Bombay Stock Exchange to meet regulatory requirements, have a three-year tenor, the people said. The debt pays a 10% coupon and a 7.75% payment-in-kind at maturity, they said, adding that the proceeds raised will refinance a more expensive private credit facility it obtained in 2024.

Representatives for Nomura and Tor declined to comment, while Suruchi Properties didn’t immediately respond to a request for comment.

India is a hotbed of private credit deals as Prime Minister Narendra Modi’s infrastructure push propels funding demand for everything from solar power to roads. Real estate and construction conglomerate Shapoorji Pallonji Group last month completed a $3.4 billion financing in the country’s biggest ever private credit deal.

Suruchi Properties, a subsidiary of the Century Real Estate Holdings Pvt., builds residential and commercial projects across India, according to its website.