NCDs: Equinox India entity raises Rs 950 crore via NCD issue
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Mumbai: Equinox India Developments (formerly Indiabulls Real Estate) raised ₹950 crore on Thursday through non-convertible debentures (NCDs) to fund Indiabulls Greens & Park in Panvel. The 48-month NCDs, issued by Lucina Land Development (LLDL), offer an interest rate of 13.00% and are backed by corporate guarantees from Equinox India, Sion Developers, Citra Properties and RGE Constructions. Indiabulls Park (Phase 2) spans 53 acres in Panvel and is being developed under the MMRDA Lease Rental Housing Scheme of the Maharashtra government. The project has a saleable area of 27.07 lakh sq. ft. and is being developed by LLDL. The NCDs hold IVR A- (CE)/stable rating from Infomerics, supported by corporate guarantees. To manage credit risk, the coupon rate will adjust by 25 basis points (0.25%) per rating notch, increasing in case of a downgrade and decreasing upon an upgrade. A three-notch downgrade would trigger an accelerated redemption ...