Srinagar Banihal Expressway raises Rs 300 cr via NCDs

Srinagar Banihal Expressway (SBEL), a material subsidiary of Ramky Infrastructure (RIL) has allotted 16% Secured, Unlisted, Unrated, Redeemable, Non-convertible Debentures (NCDs) to two investors to the extent of Rs 300 crore.

One of the subscribers to this NCD happens to be a member of the promoter group of RIL.

The proceeds from the debentures are used for the repayment of part of the outstanding Inter Corporate Deposit (ICD) that was borrowed from member of the promoter group of RIL to facilitate settlement of the One Time Settlement obligation to the erstwhile lenders on stipulated due date being 31 January 2024, which was reported earlier.

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