Lavasa Corporation Ltd today said it has delayed payment of interest and partial redemption of debentures worth Rs 102 crore issued by the company.
In a filing to the BSE, Lavasa said, "There is a delay in payment of interest and partial redemption amount of the 14 per cent secured redeemable non-convertible debentures payable as on March 31, 2015, June 30, 2015 and September 30, 2015."
The company is in discussion with the debenture holder regarding the same, it added.
In 2014, Lavasa Corporation had filed draft papers with market regulator Sebi (Securities and Exchange Board of India) to raise Rs 750 crore through IPO and was cleared in November. It is yet to launch the IPO.
The company is developing a large township (hill city) spread over 10,000 hectares in Lavasa near Pune.
Engineering firm HCC, through its wholly owned subsidiary HCC Real Estate (HREL), owns 68.7 per cent stake in Lavasa.
