Considered and approved the creation of Mortgage over 28.23 acres of land out of the total joint venture land of 62.76 acres for the loan of Rs.750 crores being availed by M/s SPR CONSTRUCTION ....
Awaiting price reaction for this filing.
Binny Limited's board approved creating a mortgage on 28.23 acres of joint venture land (out of 62.76 acres total JV land) to secure a Rs.750 crore loan being raised by SPR Construction Pvt Ltd, the developer of their Perambur real estate project. The loan is from OCM India Opportunities XII AIF, part of Oaktree Opportunities XII (Singapore) Holdings. Importantly, Binny is neither a guarantor nor a borrower—SPR Construction bears full responsibility for interest and principal repayments. The loan is within pre-approved borrowing limits under the Joint Development Agreement (JDA).
Shareholder liability is limited as Binny is not guaranteeing the loan, though the mortgage on JV land ties up a substantial portion of the project's collateral. The Oaktree-backed financing signals institutional confidence in the Perambur project but creates dependency on the developer's ability to service the debt.