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According to individuals familiar with the matter, PAG Asia, a prominent global alternative investment manager, announced its intention to invest Rs 4 billion in bonds of a M3M India group entity for the purpose of refinancing existing debt and acquiring land. It was stated that PAG's Asia Pragati Strategic Investment Fund will make the investment in Lavish Buildmart, a wholly-owned subsidiary of M3M India - a real estate developer whose promoters faced questioning by the Enforcement Directorate the previous year due to unauthorised transactions with the IREO group. The bonds are set to be raised for a duration of three years and nine months, encompassing a moratorium period in the initial five quarters. The interest rate is specified as 15% annually, with an internal rate of return (IRR) of 18.5%, as per the information provided by the sources. The raised funds will be utilized to repay unsecured loans amounting to Rs 3.6 billion that Lavish Buildmart had procured from its affiliate Union Buildmart for land acquisition. A portion of the funds will also be allocated for the purchase of land for the 'M3M The Cullinan' project. Lavish Buildmart, a 100% owned subsidiary of M3M India, is actively involved in the development of the real estate project 'M3M The Cullinan' in Noida, comprising residential, retail, office, and mall segments. Until the end of December 2023, it had incurred costs amounting to Rs 7.13 billion out of the total project cost of Rs 43.65 billion. The completion date for the project is anticipated to be April 2028. In June 2023, Roop Kumar Bansal, Basant Bansal, and Pankaj Bansal, promoters of M3M, were questioned and detained by the investigation agency concerning unauthorized transactions totalling Rs 4.04 billion with the IREO group. While none of them serve on the board of Lavish Buildmart, it is entirely owned by M3M India. According to an agency report dated July 18, 2023, the Enforcement Directorate's investigation revealed that the purported reason for the transaction was the sale of development rights of land, valued at only Rs 40 million. However, Rs 4.04 billion was received from 10 IREO group companies through five shell companies, followed by four additional shell companies, all belonging to the M3M group.