News Column

Intime Properties Raises Funds Through NCD

August 3, 2014

Intime Properties Limited, part of the K Raheja Corp Private Limited has raised INR 3,400 Mn by issuing non convertible debentures backed by commercial real estate office space owned by the company in Hyderabad to refinance its debt.

The issue underwritten by IDFC carries a coupon of 9.95% with a maturity of nine year with an early redemption option at the end of fourth and sixth year. If the early redemption option is not exercised in the fourth year the coupon increases by 50 basis point to 10.45%.

Of the total principal of INR3,400.0m, 58.2% would be repaid by the month end of the ninth year.

Intime is a JV between K Raheja Corp Group (89%) and Andhra Pradesh Industrial Infrastructure Corporation (11%). It has developed three commercial buildings with saleable area of 1.71 million sq ft, spanning 8.52 acres.

For FY12-FY13, Intime had reported a profit after tax of INR177.0m (INR94.5m loss for FY11-FY12) on a total revenue from operations of INR864.7m (INR819.5m).

Recently, Tata Power was planning to raise INR 70 Bn by issuing NCD's on a private placement basis; Peninsula Brookfield Investment Managers, a JV between Peninsula Land Ltd and Brookfield Asset Management, is investing INR 4,000 Mn in Delhi based infrastructure developer, Ansal Properties and Infrastructure Limited by way of NCD's.

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Source: DealCurry (India)

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