Board approves up to ₹75 crore private debenture issue

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Price reactionminutes from the announcement price · days from the prior close

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₹70.60

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Nifty Microcap 250market · in no size index; the smallest one is usedpendingvs market: pending

Civil Construction peers, median of 98sector-0.6%+2.1% vs sector

On the reaction day the stock moved 2.1 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

The board approved private placement of non-convertible debentures of up to ₹75 crore to a global fund to monetize company land. The detailed issue is ₹28 crore for INRE Fund II, with a 366-day term and 20% annual interest, payable at redemption. It is unlisted and secured by a first-ranking mortgage over Bhiwandi land, created at the subscriber's option.

Likely market impact

The issue can monetize land without equity dilution, but 20% interest and a mortgage on Bhiwandi land raise debt and asset-pledge risk.