TARC has pre-paid its non-convertible debenture (NCD) commitments. The company made a payment of Rs 87.95 crore on June 1, 2023, out of which Rs 56.90 crore has been towards partial redemption of unlisted NCDs, the company said in the regulatory filing.
Amar Sarin, MD & CEO of the company said, “The advantages of this pre-payment are twofold for TARC. Firstly, it enhances investor confidence, showcasing proactive debt management and financial stability, reinforcing our credibility, and positively impacting investor sentiment. Secondly, it adds operational flexibility, enabling us to pursue growth opportunities and adapt to the changing market conditions, and generate cost savings through lower interest expenses, thereby positively impacting our financial performance.”
With the prepayment made in the last financial year 2022-23, the company has fulfilled the payment obligation of Rs 100 crore much before the due date of June 30, 2023.