Peninsula Land has obtained a lease rental discounting facility (LRD) from the SBI against the rent receivable from the government's tax departments, including the Income Tax and GST departments, in respect of a commercial property leased out.
The company has borrowed secured term loan from SBI with the principal being of Rs 177.72 crore and having a total tenure of 143 months at an interest rate of 9.95 per cent per annum.
"...in the month of December 2019 alone, the company has paid an amount of Rs 265 crore towards repayment of debt and interest obligations. Hence there is no question of defaulting for an amount as small as Rs 2.35 crore," the company said.
At present, the company's total debt including short-term and long-term facilities stand at Rs 1,630.65 crore and it owes Rs 999.74 crore to banks and financial institutions.
Currently, Peninsula has a portfolio of nearly eight million sqft in Mumbai and has projects in Pune, Nashik, Lonavala, Bangalore and Goa.
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