Shapoorji Pallonji Group: Suvita Real Estates plans NCD issue to raise Rs 105 cr
The bonds have step-up pricing such that the real estate company will pay investors 17.25% for 12 months and 20.25% between 13 and 15 months, stated a term-sheet circulated by the company. At the same time, the company will have the right to redeem the bonds at the end of 12 months. In the event of default, the company will pay 24% to the investors.
The company missed payments due to Blackrock Asia Pacific Credit Opportunities Fund last September. Proceeds from these bonds will be used to repay that debt. The secured listed bonds issue will open for subscription on February 9 and close on same day. SP group did not respond to ET’s request for comments.
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