Sunteck Realty today said it has raised Rs 55 crore through issue of non-convertible debentures (NCDs) on private placement basis. The debentures have been issued at a coupon rate of 11.75 per cent per annum payable annually with tenure of four years, the company said in a statement. Sunteck Realty has allotted 5,500 secured redeemable non-convertible debentures of Rs 1 lakh each, aggregating to Rs 55 crore on private placement basis.
The NCDs would be listed on the Wholesale Debt Market Segment of the Bombay Stock Exchange (BSE). Sunteck Realty has been rated "A+" by India Ratings (Fitch Group) and CARE ratings. Commenting on the development, company's CMD Kamal Khetan said: "This issuance demonstrates our balance sheet strength.
It has been our constant endeavour to maintain low levels of debt and also keep on reducing our cost of borrowing which is already quite low." "While we sit on comfortable debt levels we believe it's our peak debt and we would bring it down further and utilize our excess cash receivables for any growth opportunity," he added. Sunteck Realty is a Mumbai-based real estate development company, catering to the ultra-luxury and luxury residential segment. It has a development portfolio of about 25 million sq ft spread across 24 projects at various stages of development and 4 rented assets.
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