Indiabulls Real Estate raises Rs 35 crore through NCDs
Chennai : Indiabulls Real Estate Ltd (IBREL) on Tuesday said it has raised Rs 35 crore through private placement of non-convertible debentures (NCDs).
The company has raised Rs 470 crore through this route this month.
“The operation committee of the board of directors of the company has allotted NCDs aggregating Rs 35 crore,” IBREL said in a filing to the BSE.
The fund was raised at a coupon rate of 10.5 per cent.
On March 15, the company had proposed to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 100 crore, on a private placement basis. It had raised Rs 65 crore on March 19 and the remaining Rs 35 crore was raised today.
On March 17, IBREL had raised Rs 70 crore and before that Rs 300 crore.
IBREL had reduced its net debt by Rs 225 crore in the last quarter to Rs 4,928 crore.
“Total reduction in net debt during nine months of FY16 is Rs 552 crore. Further net debt reduction of Rs 130 crore planned and expected in last quarter of current FY, to achieve the target net debt of Rs 4,800 crore as on March 31, 2016,” the company had said in an analyst presentation.
“FY17 target for net debt reduction of Rs 1500 crore, taking it down to Rs 3,300 crore as of March 2017,” the presentation said.
IBREL is developing 11 projects in India with total saleable area of 30.51 million sq ft. It has presence in key Indian metros of Mumbai, NCR and Chennai.