Suraj Estate completes Rs 70 crore NCD private placement to ICICI fund
SURAJEST · price
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Suraj Estate allotted the remaining 1 crore unlisted secured NCDs (Rs 10 crore, face value Rs 10 each) to IDBI Trusteeship acting as trustee of India Real Estate Investment Fund Series 2, managed by ICICI Prudential AMC. This completes the originally approved Rs 70 crore private placement, of which the earlier Rs 60 crore tranche was already fully redeemed. New NCDs carry 12 percent interest for the first 24 months and 17 percent from month 25, with a 38 month tenure and monthly redemption instalments from month 25. Secured by Mumbai properties in Prabhadevi and Shivaji Park.
Completes the Rs 70 crore NCD raise. High borrowing cost (12-17 percent) raises interest burden, but earlier Rs 60 crore was fully redeemed on time.