E-Paper
Mumbai-based Sunteck Realty issues Commercial Paper of Rs 25 crore, with interest of 7.95%
In the filing, the real estate developers said that the Commercial Paper issued by it does not attach special right.
Mumbai-based real estate player Sunteck Realty Limited on Friday, March 13, said that it has issued Commercial Paper of Rs 25 crore. In an exchange filing made after the trading or market hours on Friday, the company said the Commercial Papers are proposed to be listed on BSE Limited.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and other applicable provisions read with corresponding circulars and notifications issued thereunder, it is hereby informed that the Company viz, Sunteck Realty Limited issued Commercial Paper of Rs 25 Crores (Rupees Twenty Five Crores Only),” the filing read.
The Commercial Paper offering coupon or interest of 7.95 per cent per annum will mature on July 10, 2020.
The tenure of the Commercial Paper issued by Sunteck Realty Limited is 119 days.
Credit Rating obtained for Commercial Paper is IND A1+ by India Ratings & Research.
In the filing, the real estate developers said that the Commercial Paper issued by it does not attach special right.
Commercial Paper, or CP, is a short-term debt instrument that companies issue to raise funds. Introduced in India in 1990, it is an unsecured money market instrument issued in the form of a promissory note. Companies that have high ratings from the rating agencies often use Commercial Paper use it as one of the sources of short-term borrowings. The minimum maturity of CPs is seven days, while the maximum will be up to one year from the date of issue.
On Friday, stock of Sunteck Realty Limited on BSE closed 7.87 per cent higher at Rs 310.30.
In December last year, Sunteck Realty said it had received over Rs 200 crore by selling 125 of the 225 apartments it had launched in Goregaon in Mumbai.
In June last year, the real estate developer said it was aiming at creating a strong portfolio of commercial and retail projects by infusing Rs 5,000 crore in the coming four years.
Sunteck Realty boasts of a city-centric development portfolio of about 30 million square feet spread across 25 projects and 4 rented assets. The firm caters to the ultra-luxury and luxury residential segment.
The real estate firm already caters to the residential segment at several locations in Mumbai including Oshiwara District Centre, Bandra Kurla Complex, Naigaon.
