India’s Prestige Estates committee OKs Rs. 3.5 billion of debentures

By Sarah Lizee

Olympia, Wash., Aug. 10 – Prestige Estates Projects Ltd. notified the Bombay Stock Exchange that the nonconvertible debenture committee of the company met on Friday and approved an allotment of Rs. 3.5 billion secured redeemable nonconvertible debentures.

The 3,500 rated and unlisted debentures were issued at par with a face value of Rs. 1 million each, according to the notice.

The debentures will be issued in three tranches, including a Rs. 250 million tranche with a tenor of three years, a Rs. 750 million tranche with a tenor of five years and a three-year put/call option, and a Rs. 2.5 billion tranche with a tenor of three years.

Prestige Estates is a property development company based in Bengaluru, India.

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