Peninsula Land to raise funds to refinance debt; stock dips 3%

The company plans to raise Rs 180 crore via NCDs

Shares of Peninsula Land were down over 3% at Rs 22.80 on the Bombay Stock Exchange amid reports that the company plans to raise funds through non-convertible debentures to refinance debt and extend its debt maturity.

The Mumbai-based property developer of the Ashok Piramal Group, Peninsula Land (PLL), is looking to raise Rs 180 crore through non-convertible debentures (NCDs) to refinance debt and extend its debt maturity. PLL is looking to raise another Rs 100 crore through land sales and recoupment of advances extended earlier for acquisition of projects. According to sources, it is evaluating selling one of its land parcels in Pune, according to a Business Standard report. (Click here for the full report).

The stock opened at Rs 23.50 and touched a low of Rs 22.65. At 10:55am, over 46,000 shares were traded on both the stock exchanges.