HDIL clearing the outstanding debts
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As per to the sources saying @ the www.propertykhazana.com, Mumbai based land developer Housing Development and Infrastructure Ltd. (HDIL) has given up about Rs. 3,000 Crores debt from commercial banks couple of years back. Company has given up the debt taken from public sector banks updated debt was due in the coming few months. HDIL has about Rs. 4,500 Crores debt on its books and borrowed up to Rs. 3,500 Crores in the 1st half year, mainly for its airport rehabilitation venture in Mumbai. The rate of interest had left over the similar even after the restructuring and the company has a plan to hike the leftover Rs. 2,300 Crores from selling bonds, discounting lease rentals and selling share to private equity investors. Company only just hiked up to Rs. 750 Crores from selling bonds to Life Insurance Corporation of India as part of its proposal to hike up to Rs. 5,500 Crores from such auctions.
Deputy General Manager, Finance, HDIL said to www.propertykhazana.com that, “Our interest rate has not been raised after reorganizing and the majority of our lenders are state-owned banks and our borrowing rates are connected to main lending rates. Leaving the reorganized amount of about Rs. 20-25 Crores per month and we don’t have any heavy payment in the coming 15-16 months. The company was borrowing funds up to 14% and only during the 2nd quarter our rates was for Rs. 15.4% owing to price rise and taut cash flow.” Debt levels are the reason for concern with all realty conglomerates in the country, though they roll over, the debt requirements have to be paid later. For more and latest realty updates visit www.propertykhazana.com.
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