An alternative investment fund, supported by SC Lowy, has recently invested in non-convertible debentures (NCDs) towards the end of March. The investment includes Rs 275 crore in bonds issued by Pune-based real estate developer Pharande Township and Rs 100 crore in the Srinagar-Banihal Expressway project. Pharande NCDs are interest-free until June 30, 2024, and offer a 14% interest rate until maturity on March 31, 2026, while the Srinagar-Banihal project offers 16% interest on its NCDs. Funds from these investments are allocated towards loan repayments and working capital, with SC Lowy purchasing bonds from Pharande Township for the purpose of repaying an inter-corporate deposit, finalising both transactions by the end of March.
Meanwhile, Srinagar-Banihal Expressway Ltd, a subsidiary of Ramky Infrastructure, is utilising the proceeds from its NCDs to settle outstanding inter-corporate deposits and meet previous settlement obligations with lenders. Despite settling dues with asset reconstruction companies by January 2024, SBEL is still awaiting Rs 248 crore in NHAI deductions related to issues like substandard steel and high embankment deviation.