HDIL has raised Rs 200 Cr through NCDs. This debenture is the third tranche out of 11,500 debentures of Rs 1 Mn each aggregating to Rs 1,150 Cr.

HDIL intends to use the funds raised from the issue for the repayment of HDIL’s existing high cost debt.

Earlier in the first half of 2009, HDIL borrowed Rs 3,000 Cr from a number of banks including Bank of India, Union Bank of India, Punjab National Bank and Uco Bank mainly for its airport rehabilitation project in Mumbai.

The borrowing cost was about 12%. It has a total debt of Rs 3,300 Cr on its books.