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Intime Properties, part of the K Raheja Corp group, has announced that it raised Rs 340 crore through the issue of non-convertible debentures (NCD) with a fixed rate of 9.95 per cent.
The security is a commercial mortgage-backed security (CMBS), which has been rated AAA by India Ratings, according to a statement by the firm. The issue is being used to refinance bank debt, it added. Real estate major DLF had previously come out with a CMBS issue in May.
The NCDs are set to mature in nine years, with options to redeem in the fourth and the sixth year, respectively. IDFC Ltd and Credit Suisse Securities (India) Private Limited were the arrangers of the issue. The Raheja group holds 89 per cent stake in Intime, with the remainder held by the Andhra Pradesh Industrial Infrastructure Corporation Ltd, according to the company statement.
The security is a commercial mortgage-backed security (CMBS), which has been rated AAA by India Ratings, according to a statement by the firm. The issue is being used to refinance bank debt, it added. Real estate major DLF had previously come out with a CMBS issue in May.
The NCDs are set to mature in nine years, with options to redeem in the fourth and the sixth year, respectively. IDFC Ltd and Credit Suisse Securities (India) Private Limited were the arrangers of the issue. The Raheja group holds 89 per cent stake in Intime, with the remainder held by the Andhra Pradesh Industrial Infrastructure Corporation Ltd, according to the company statement.
“INTIME owns and operates 3 commercial office buildings in Mindspace IT Park, Hyderabad, with a total leasable area of 1.71 mn sq ft….The property is currently 99% occupied by over 35 clients,” it said.
