Sunteck Realty Hopes to Raise Rs 100 Crore through NCDs - Latest Real Estate News

1. Sunteck Realty Hopes to Raise Rs 100 Crore through NCDs Mumbai | Real Estate News by Prop Daily Realty designer Sunteck Realty is hoping to raise about Rs 100 crore through issuance of non- convertible debentures (NCDs), said a top organization official. Of this, the Mumbai-based engineer raised Rs 55 crore on today by issuing the debentures to open part banks and institutional financial specialists. This is Sunteck’s lady NCD issue and the assets have been raised at a coupon rate of 11.75% for each annum payable every year with a tenor of four years. The organization is searching for conclusion of the second tranche in the following two weeks’ opportunity. “We are satisfied with the strong longing for our credit paper from amazing institutional speculators in our presentation NCD issuance. The assets will go about as an empowering agent for our organization to enhance subsidizing sources crosswise over development cans, increment monetary record quality and lower expense of capital,” said Kamal Khetan, CMD, Sunteck Realty. Khetan expects the new wellspring of subsidizing to permit the organization to concentrate on procurement of sharp land bundles and advancement of slowed down undertakings in the bothered resources space. The organization is wanting to utilize the NCD continues for swapping high-cost obligation and enlarging its medium to long haul assets. The NCDs will likewise empower the organization to expand its development profile and would prompt effective resource obligation administration. A few land engineers with progressing tasks are hoping to utilize stores raised through private value and institutional financial specialists to renegotiate their high-cost credits at a lower rate of hobby. The organization has allocated 5,500, secured redeemable non-convertible debentures of Rs 1 lakh each, accumulating Rs 55 crore, on private arrangement premise. The NCDs would be recorded on the Wholesale Debt Market Segment of the Bombay Stock Exchange. Sunteck Realty has been appraised “A+” by rating organization India Ratings (Fitch Group) As of now, Sunteck Realty has an arrangement of aggregate 24 ventures spread more than 25 million sq ft. Of these, five million sq ft space in 13 tasks is under deal and execution crosswise over Mumbai, Goa and Nagpur. See more at: http://propdaily.com/sunteck-realty-hopes-raise-rs-100-crore-ncds/

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