New Delhi: Realty firm Peninsula Land Ltd on Wednesday said it has raised Rs 15 crore by issuing debentures and will also set up a Rs 765 crore platform to develop projects.

In a regulatory filing, the company said it has raised the amount by issuing optionally convertible debentures (convertible into equity shares).

The investment is being made by Arsenio Strategies, an affiliate of Alpha Alternative Holdings, an asset management firm.

The company is also setting up a Rs 765 crore real estate platform with Alpha Alternatives and Delta Corp Ltd.

This platform will be the exclusive medium of parties for residential redevelopment in Mumbai Metropolitan Region (MMR) and development in and around MMR, Alibaug, Khopoli, Karjat and Pune.

This platform is proposed to be funded with a total amount of up to Rs 76 crore.

Alpha Alternatives, Peninsula Land Ltd and Delta Corp have proposed to contribute Rs 450 crore, Rs 225 crore and Rs 90 crore respectively.

Peninsula Land will also be the exclusive development manager for all platform projects.

Rajeev Piramal, Vice Chairman and Managing Director, Peninsula Land, said, “This announcement marks a new chapter in our growth story and is in line with our strategic roadmap to establish a leadership position in the asset class we pursue.

This new platform will leverage the combined expertise of all parties in project selection, financing and development to unlock the value present in real estate.

Peninsula Land's projects are spread across Mumbai, Pune, Bengaluru, Lonavala, Nashik and Goa.

To date, Peninsula Land has delivered over 10.6 million square feet of real estate across major Indian cities.