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Puravankara board approves issue of NCDs worth 230cr

#Taxation & Finance News
Last Updated : 3rd Jan, 2023
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Synopsis

The board of directors of Bengaluru based realty firm Puravankara has approved the issuance of non-convertible debentures worth Rs 230 crores in two tranches via private placement at an interest rate of 11.75 percent per annum. In another decision it approved an investment in Ghar Realty LLP of which it will now become a designated partner, having contributed approximately 68 percent of the capital of the LLP. Ghar Realty LLP undertakes businesses dealing in land and property transactions and property management of residential, commercial, industrial properties and infrastructural development projects.

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The board of directors of Bengaluru based realty firm Puravankara has approved the issuance of non-convertible debentures worth Rs 230 crores in two tranches via private placement at an interest rate of 11.75 percent per annum. In another decision it approved an investment in Ghar Realty LLP of which it will now become a designated partner, having contributed approximately 68 percent of the capital of the LLP. Ghar Realty LLP undertakes businesses dealing in land and property transactions and property management of residential, commercial, industrial properties and infrastructural development projects.




According to the company’s BSE filling, Tranche I will comprise of 1,600 fully paid, senior, secured, unlisted, unrated, taxable, redeemable NCDs having a face value of Rs 10 lac per debenture, for cash aggregating up to Rs 160 crores. The tenure of the instrument will be up to four years starting from the date of allotment for Tranche I debentures and repayment is to be made in monthly instalments for 24 months with a moratorium of 24 months.



Tranche II will comprise of 700 fully paid, senior, secured, unlisted, unrated, taxable, redeemable NCDs having face value of Rs 10 lac per debenture for cash aggregating up to Rs 70 crores. The tenure for the instrument will be up to five years starting from the date of allotment of Trance II debentures and the repayment is to be made in 24 monthly instalments with moratorium of 36 months.



Established in 1975, under the leadership of Mr Ravi Puravankara, Puravankara Limited is a real estate company headquartered in Bengaluru. Considered to be one of India’s leading real estate companies, in it’s four decades the company has established two distinct brands in real estate. Their flagship brand Puravankara caters to premium residences while its Provident Housing Ltd brand specialises in affordable housing. The company has a presence in several cities in India including Mumbai, Bengaluru, Chennai, Kochi, Coimbatore, Mangaluru, Kolkata, Pune and Goa. It also has international projects in GCC and Sri Lanka.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

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