SC Lowy invests in Pune based real estate and Srinagar Banihal debt
SC Lowy, the Hong Kong-based hedge fund, has invested in the debt of two projects recently. It had bought Rs 275 crore rupee bonds issued by Pune-based real estate developer Pharande Township and Rs 100 crore in the Srinagar-Banihal Expressway.
An alternative investment fund backed by SC Lowy has invested in non-convertible debentures (NCD) in the last week of March. While Pharande NCDs do not pay any interest up to June 30, 2024 and 14% until maturity on March 31, 2026, Srinagar Banihal has offered 16% on the NCDs. The proceeds will be used for loan repayments and for working capital, a source said.
In case of Srinagar Banihal Expressway Ltd, a subsidiary of Ramky Infrastructure, the proceeds from the NCDs will be used by SBEL to repay an inter-corporate deposit.
“Both the deals closed in the last week of March,” said a source.
A SC Lowy spokesperson did not respond to a request for comment.
SBEL had finalised a one-time settlement agreement in March 2023 with its asset reconstruction companies (ARCs) for Rs 1195 crore and interest at 11.25% per annum, with a minimum interest payment of Rs 50 crore on the amount.
In a stock exchange notification, Ramky Infra, the parent company of SBEL had said that SBEL, has issued Rs 300 Crores of 16% Secured, Unlisted, Unrated, Redeemable, Non-convertible Debentures (NCDs) to two investors, one of whom is a member of its promoter group. The proceeds from these debentures are utilised to repay part of the outstanding Inter Corporate Deposit (ICD) borrowed from a promoter
