Tor Investment Management and Nomura Holdings have jointly provided a private credit facility of INR4.5bn (approx. $52.3m) to Indian real estate developer Suruchi Properties Pvt, according to a report by Bloomberg citing sources familiar with the matter.

The financing has been structured as non-convertible debentures (NCDs), a commonly used instrument in India’s private credit market. The notes, which are listed on the Bombay Stock Exchange for regulatory compliance, carry a three-year tenor. The facility includes a 10% cash coupon along with a 7.75% payment-in-kind (PIK) interest component due at maturity.

Proceeds from the issuance will be used to refinance an existing, higher-cost private credit facility secured by Suruchi in 2024, the sources said.

Neither Tor Investment Management nor Nomura provided comment on the transaction. Suruchi Properties also did not respond to a request for comment.

India continues to be an active market for private credit, underpinned by government-led infrastructure initiatives and increased demand for flexible capital solutions. Last month, Shapoorji Pallonji Group completed a landmark $3.4bn transaction – the largest private credit deal to date in the country.

Suruchi Properties is a wholly owned subsidiary of Century Real Estate Holdings Pvt, and is engaged in the development of residential and commercial projects across India.