Knowledge Realty Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Knowledge Realty Trust's Board approved raising up to INR 1,600 Crores through private placement of 1,60,000 non-convertible debentures (NCDs) at a face value of INR 1 lakh each, to be listed on BSE with a 3-year tenure. The Board also cleared a term loan facility of up to INR 1,600 Crores from Bajaj Housing Finance Limited, including a INR 200 Crore flexi term loan sub-limit, structured as a lease rental discounting arrangement. Additionally, the Trust capped its consolidated net indebtedness at 25% of the latest available Gross Asset Value across itself and its portfolio entities. The Board also approved KRT's membership in the Indian REITS Association, with CEO Shirish Godbole appointed as nominee. The NCDs will be secured by a first-ranking pari passu charge over receivables and Hyderabad properties of Devbhumi Realtors Private Limited (SPV), along with a corporate guarantee from the SPV.
The combined INR 3,200 Crore fundraising capacity provides significant capital for portfolio expansion and refinancing, while the 25% leverage cap reflects disciplined capital management. Existing unitholders should monitor the NCD coupon rate (yet to be determined), as higher borrowing costs could slightly pressure future distribution yields.