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 successfully completed the allotment of non-convertible debentures worth ₹100.00 crores following the Debenture Fund Raising Committee meeting held on December 23, 2025. The committee approved the allotment of 10,000 NCDs, each with a face value of ₹1,00,000, marking the completion of the fundraising process that was initially approved on December 12, 2025.

Committee Meeting and Allotment Details

The Debenture Fund Raising Committee meeting on December 23, 2025, commenced at 10:45 a.m. and concluded at 11:10 a.m. The committee formally approved the allotment of 10,000 units of 12% rated, listed, unsecured, senior, transferable, redeemable, non-convertible debentures on a private placement basis at par. The company has made appropriate regulatory disclosures to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI Listing Regulations.

NCD Structure and Timeline

The allotted debentures carry comprehensive specifications with defined maturity and payment schedules:

Credit Rating and Listing Framework

The NCDs have received credit rating from Care Ratings Limited through their credit rating letter dated December 10, 2025. The debentures carry a CARE BBB- rating, while the issuer rating has been reaffirmed at CARE BBB-. The NCDs are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited, providing institutional investors with a structured trading platform.

Redemption and Payment Structure

The debentures feature a structured payment mechanism with coupon payments scheduled on a quarterly basis from the deemed date of allotment. Principal repayment is scheduled upon completion of 18 months from the deemed date of allotment. The debentures are redeemable at par at the end of 18 months, specifically on June 23, 2027, subject to early redemption or acceleration pursuant to events of default as specified in the relevant documentation.

Regulatory Compliance

The allotment falls within the company's existing borrowing limits under Section 180(1)(c) of the Companies Act, 2013, as previously approved by members. The company has fulfilled all disclosure requirements under Regulation 30 of the SEBI Listing Regulations and SEBI Circular dated November 11, 2024. The unsecured nature of the debentures means no specific charge or security has been created against company assets.