TARC said that its board has approved to raise non convertible debentures (NCDs) upto Rs 750 crore via private placement.
The companys board has given in-principle approval to raise funds from Banks/ NBFC and / or fresh issuance of NCDS on private placement basis not exceeding Rs 750 crore to refinance the existing NCDs of the company.The board has also accorded its consent to redeem the existing NCDs and given its consent for change in terms and conditions of the NCDs subject to such necessary approvals as may be required in order to reduce borrowing cost.
TARC is engaged in carrying business of construction and development of residential projects, commercial projects, township projects, malls etc. in the National Capital Region and also derives rental income from investment properties.
The company reported consolidated net loss of Rs 51.73 crore in Q4 FY24 as against a net profit of Rs 1.53 crore posted in Q4 FY23. Net sales tumbled 93% year on year to Rs 9.48 crore in the quarter ended 31 March 2024.
The scrip rose 0.49% to end at Rs 194 on Friday, 14 June 2024. The market is closed today on occasion of Bakrid.
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