Magnum Ventures Secures ₹60 Cr Loan from Tata Capital
Magnum Ventures Ltd has entered into a loan agreement for financial assistance of ₹60 Crore from Tata Capital Limited (TCL). The funds will be utilized for repayment of unsecured loans up to ₹20 Crore, capital expenditure for hotel upgradation up to ₹25 Crore, partial repayment of TFCI loan up to ₹10 Crore, and general corporate purposes up to ₹5 Crore. The loan carries a floating interest rate of LTPLR plus 3.25% (currently 12.00% p.a.). The repayment tenure is 135 months with monthly interest payments and equal quarterly principal installments. Disbursement is subject to necessary approvals and a pari passu letter of charge on hotel assets from TFCI. The loan is secured by hypothecation over hotel division assets and a mortgage over property in Sahibabad, along with personal guarantees from promoters.
Key Highlights
- Secured ₹60 Crore term loan from Tata Capital Limited.
- Funds allocated for loan repayment, hotel capex, and corporate purposes.
- Interest rate is floating at 12.00% p.a. (LTPLR + 3.25%).
- Repayment tenure of 135 months with quarterly principal installments.
- Loan secured by hotel assets, property mortgage, and personal guarantees.
Price Impact
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