Suraj Estate Developers Ltd. to Raise INR 45 Crores Through NCDs Issue to IDBI Trusteeship Services Limited

Suraj Estate Developers Ltd. has approved the allotment of 4,50,00,000 (Four Crores Fifty Lakhs) Unlisted, Secured, Non-Convertible Debentures (NCDs) of face value of INR 10/- each, amounting up to INR 45,00,00,000/- (Indian Rupees Forty-Five Crores Only) to IDBI Trusteeship Services Limited on private placement basis. The NCDs are secured by way of paripassu charge over various properties and first and exclusive charge over certain leasehold plots. The interest rate offered is 17% p.a. accrued on a monthly basis, with the first 24 months' interest payable at 12% p.a. on a monthly basis and the remaining interest payable at 17% p.a. on a monthly basis. The repayment will be in 18 equal monthly installments starting from the 25th month.