Further the Company has informed that, as a part of the conditions of the issuance of NCDs, Kotak Mahindra Bank, the present holders of the 12.75% secured non-convertible debentures of Rs. 100 crore issued by the Company in the year 2013 have through the IDBI Trusteeship Services communicated their decision for an early redemption to fully redeem the debentures on or before 31 August 2016.

The Company shall utilize the proceeds received from out of the fresh issue for the redemption of the existing NCDs before the stipulated time.