Garuda Construction and Engineering Limited has informed the Exchange about Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Investment of Non-Convertible Debenture of the Options Infra Project Private Limited.
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Garuda Construction's Board has approved an investment of up to ₹40 crores in fully secured, unlisted, unrated Non-Convertible Debentures (NCDs) of Options Infra Project Private Limited, a real estate company. The investment will be in 400 NCDs of face value ₹10 lakhs each, carrying a 12% per annum coupon rate, with a tenure of 30 months. Options Infra Project holds 99% in DND Realty LLP, which is developing a commercial project called 'Options World' in Santacruz, Mumbai, and Garuda Construction is already the contractor for that project. The transaction is not a related party deal, and the funds will be used to fund the completion of the commercial project and general corporate purposes.
This is a debt investment (not equity) in a private entity linked to a project Garuda is already constructing, offering a 12% yield. It signals Garuda is deploying cash to support a related real estate project, but it does not change ownership or trigger any takeover obligations for shareholders.