Ajmera Realty & Infra India Ltd. on Thursday said it has repaid Rs 100 crore of its corporate debt and accordingly the outstanding debt has been reduced to Rs 693 crore.
The Mumbai-based company in a regulatory filing said it has repaid Rs 100 crore of its corporate debt. "The repayment is facilitated from the funds raised through the recent equity offering of Rs 225 crore," it said.
The debt reduction ahead of its scheduled due date is expected to help the company post better returns on grounds of lower interest payments on existing debt, the company said.
"Outstanding debt has been reduced from Rs 793 crore (as per 2QFY25) to Rs 693 crore," Ajmera Realty said.
The company plans to use the equity funds to accelerate its momentum for project launches, and to further strengthen its corporate functionalities.
"This is a strategic move towards de-leveraging, and we are glad to reduce our corporate debt significantly. This exercise will help ease our debt-equity ratio and reinforce the management's commitment to higher growth and wealth creation for its stakeholders," Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said.
He said the company is committed to attain five times growth, and this move is a significant contributor towards that goal.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
