Allotment of balance NCDs worth Rs 10 crore to ICICI managed AIF

Ncd High Yield 12pctFund Raising View source PDF

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₹194.95

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₹193.60

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AI summary

Suraj Estate Developers allotted 1 crore unlisted secured NCDs (face value Rs 10) worth Rs 10 crore to India Real Estate Investment Fund Series 2, now managed by ICICI Prudential AMC. This completes the Rs 70 crore private placement originally approved in Feb 2024. The earlier Rs 60 crore tranche was already fully redeemed. New NCDs carry 12 percent interest for first 24 months and 17 percent thereafter, with 38 month tenure, secured by Mumbai properties.

Likely market impact

Raises Rs 10 crore debt at high cost (up to 17 percent interest). Earlier Rs 60 crore tranche fully repaid, showing lender confidence.