Crest Ventures has officially formalized its strategic partnership for a major real estate development project in Mumbai. The company's wholly-owned subsidiary, Crest Urban Living Private Limited (formerly known as Escort Developers Private Limited), has entered into a Joint Development Agreement with Vensco Projects LLP for developing a premium mixed-use project in Chembur.

Official Agreement Details

The company informed stock exchanges about the formalization of this partnership through a regulatory filing. The Joint Development Agreement represents a significant milestone in the project's progression:

Project Significance

According to the company's disclosure, this project is positioned to be one of the largest single-parcel development projects in the rapidly developing neighbourhood of Chembur, Mumbai. The 11,000 square meter development area provides substantial scope for creating a comprehensive premium mixed-use facility.

Regulatory Compliance

Crest Ventures has confirmed that the Joint Development Agreement entered into by Crest Urban Living with Vensco Projects LLP is in the ordinary course of business. The company has stated that the disclosure requirements prescribed under Annexure 18 of the SEBI Master Circular are not applicable to this agreement.

Strategic Partnership Impact

The formalization of this partnership through Crest Urban Living represents a strategic expansion in Mumbai's real estate market. Chembur's rapid development and connectivity advantages make it an attractive location for premium real estate projects. The collaboration with Vensco Projects LLP brings together complementary expertise to execute this substantial development project in one of Mumbai's emerging residential and commercial hubs.

Crest Ventures has received formal approval from its Debenture Fund Raising Committee for the issuance of non-convertible debentures worth up to ₹100.00 crores. The committee meeting held on December 12, 2025, considered and approved the complete structure for these debt instruments on a private placement basis, with official intimation sent to BSE Limited and National Stock Exchange of India Limited.

Committee Meeting Outcome

The Debenture Fund Raising Committee meeting commenced at 09:30 a.m. and concluded at 10:45 a.m. on December 12, 2025. The committee formally approved the issuance of 12% rated, listed, unsecured, senior, transferable, redeemable, non-convertible debentures under the existing borrowing limits as per Section 180(1)(c) of the Companies Act, 2013. The company has made appropriate disclosures under Regulation 30 and 51 of the SEBI Listing Regulations.

Debenture Issue Structure

The approved debenture issue carries comprehensive specifications that define its market positioning:

Credit Rating and Listing Details

The debentures have received credit rating from Care Ratings Limited through their credit rating letter dated December 10, 2025. The NCDs are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited, providing institutional investors with a liquid trading platform. The 18-month maturity period positions these instruments as medium-term debt securities, with redemption scheduled 18 months from the deemed date of allotment, subject to early redemption or acceleration pursuant to events of default.

Regulatory Compliance and Documentation

The issuance falls within the company's existing borrowing limits under Section 180(1)(c) of the Companies Act, 2013, as previously approved by members, requiring no fresh approval. The company has made appropriate disclosures under Regulation 30 of the SEBI Listing Regulations and SEBI Circular dated November 11, 2024. Mitcon Credentia Trusteeship Services Limited has been appointed as the trustee for the debenture issue, with registered office in Pune and corporate office in Mumbai.

The company has provided comprehensive disclosure documentation as per regulatory requirements, including details of coupon payment schedules, redemption mechanisms, and security arrangements as specified in the relevant Key Information Document.