Hubtown delays redemption of debentures worth Rs 100 crore

NEW DELHI: Realty firm Hubtown Ltd today said it has delayed the redemption of debentures worth Rs 100 crore due to liquidity crunch.

In a filing to the BSE, the company informed that "owing to the liquidity crunch, the company has delayed the redemption in full, the principal amount of the Rated Secured Redeemable Non-convertible Debentures aggregating Rs 100 crores."

The due date for redemption was December 14, 2015.

"The company is exploring alternative sources of finance to generate adequate cash flows to overcome the liquidity crunch and is hopeful that these efforts will yield fruitful results," it added.

Hubtown Ltd (formerly known as Ackruti City) has presence in seven cities diversified into residential spaces, office spaces, IT parks, Special Economic Zones (SEZs). The company has pioneered in various Social Infrastructure Development projects and projects with local governments.