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Real estate developer TARC Ltd. has voluntarily made an early payment of non-convertible debentures (NCDs) issued by the company for over Rs 66.36 crore.

The New Delhi-based company has voluntarily made an early payment towards the interest and premium of the NCDs, according to a filing to the stock exchanges on Tuesday.

TARC Limited said that it has generated surplus cash over the past one year, putting in place a strong financial profile, attributing to consistent bookings of new sales, monetising non-core assets, and government receivables.

The company made use of these funds for project development and strengthening its balance sheet.

Earlier this year in May, TARC Ltd raised Rs 1,330 crore via NCDs from leading US-based investment firm BAIN Capital. This was among the most significant investments made in the country’s rapidly growing real estate sector.

The small-cap company demonstrated a steady performance in the ongoing financial year 2022-23, with the voluntary prepayment of Rs 66 crore marking a testament to the company’s growth trajectory in the Indian real estate sector, according to TARC’s MD and CEO, Amar Sarin.

“The association with Bain Capital has made TARC a part of the superior league of select real estate developers in India. Their confidence in us has enriched the ethical values of our Company in the entire business fraternity,” Sarin said.

In September quarter TARC Ltd reported 93.78 percent drop in standalone net sales to Rs 12.63 crore compared to Rs 203.10 crore in the same quarter a year ago.

TARC shares ended 0.3 percent lower at Rs 45.20.