A subsidiary of the Bengaluru?based Total Environment Group, Total Environment Resorts Pvt Ltd, has issued listed, rated non-convertible debentures (NCDs) worth INR 175 crore this week. The funds will support a residential project in Bengaluru and the issue was arranged solely by Standard Chartered Bank as the green co-ordinator. A second party opinion from Bureau Veritas confirmed compliance with global green-bond frameworks and Securities and Exchange Board of India (SEBI) regulations.
The Bengaluru?based real?estate developer Total Environment Resorts Pvt Ltd (TERPL) has successfully raised INR?175?crore through the issuance of listed, rated non?convertible debentures (NCDs). The arrangement was done with Standard Chartered Bank acting as the sole arranger and green co?ordinator. Bureau?Veritas provided the second-party opinion (SPO) to ensure the green credentials of the offering.
The proceeds from the NCDs will be used for a residential real?estate project in Bengaluru. The developer has stated that the funds are specifically earmarked for this development. The issuance also aligns with the Green Bond Principles of the International Capital Market Association (ICMA) and meets SEBI's regulations for green debt securities.
TERPL is a subsidiary of the Total Environment Group, which is known for high?end residential developments in Bengaluru. In the past, the group has completed over 60 projects in the city. The choice of a green?labelled debt instrument suggests a shift towards sustainability linked financing in the real?estate sector.
In earlier years, real?estate developers in India have occasionally used NCDs to raise funds, but fewer have adopted green?labelling and third?party certification. This move by TERPL therefore stands out for its green compliance element and structured financing through rated listed NCDs, rather than private debt or bank loans. The listing and rating provide greater transparency and investor reach.
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