Suraj Estate Developers Raises INR 45 Crores via Non-Convertible Debentures

Suraj Estate Developers Ltd, a Mumbai-based real estate company, has raised INR 45 Crores through the issuance of 4,50,00,000 Unlisted, Secured, Non-Convertible Debentures (NCDs) to IDBI Trusteeship Services Limited. The NCDs, of face value INR 10/- each, were issued on a private placement basis and will mature in 42 months from the date of allotment. The company will pay a ROI of 17% accrued on a monthly basis, with the first 24 months at a rate of 12% p.a. and the remaining 18 months at a rate of 17% p.a. The Debentures are secured by a paripassu charge over certain properties and a first and exclusive charge over other properties.