Binny Ltd approves mortgage of JV land to be availed by SPR Construction Pvt Ltd

The Board of Directors of Binny Ltd at its meeting convened today have considered and approved the creation of Mortgage over 28.23acres of land out of the total joint venture land of 62.76acres for the loan of Rs.750crores being availed by M/s SPR construction Pvt Ltd, the developer of the Joint Development Agreement for the Perambur project, for construction purposes from M/s. OCM India opportunities XII Alternate Investment Fund - Scheme I (Part of M/s. Oaktree opportunities XII (Singapore)Holdings Pte. Ltd.), Which are within the borrowing limits of the JDA which have already been approved by the shareholders.

However, there is no guarantee being given by the company for the said loan. In other words, Company is neither a guarantor nor a borrower. M/s. SPR construction Pvt Ltd, solely responsible for the interest payments and principal repayment obligations.

Source : Equity Bulls

Keywords

Binny Mortgage JVLand PeramburProject SPRConstruction