An Auckland based religious organisation has proposed to float redeemable debentures to fund its Temple project.
Shri Shirdi Saibaba Sansthan NZ Inc expects the initial offering of 500 redeemable, non-interest bearing debentures, each valued at $1001 will be oversubscribed, surpassing the target of $500,000.
Secretary Bhaskar Reddy Duvvuru said the amount will be repaid in five years or after repaying the bank loan, whichever is later.
“However, those in need of money at any time can either sell the debentures to another individual or institution or redeem them from us,” he said.
The Sansthan needs more than $3 million to purchase an existing property in the Auckland suburb of Onehunga and convert it to suit its needs. Fixed weekly, monthly and periodic donations could easily take its current bank deposit (of about $800,000) to $1 million shortly.
It would still need about $2 million, proposed to be raised through a bank loan, debentures and special donation from 50 persons.
“We are in the process of acquiring, through bank loans and own funds, a high-roof Warehouse (located at 12-18 Princess Street) on a 2975 Sq m plot, with a built-up area of 1960 sq ms.
“The facility has two large halls, one of which will accommodate the Temple. The other space will be converted to a two-storey Community Hall with a well-equipped kitchen for social and community events and accommodation for a Priest,” Mr Duvvuru said.
It is understood that the cost of conversion would be $1 million.
As well as the debenture scheme, the Sansthan aims to raise a similar amount ($500,500) through 50 donors, each contributing $10,001. The donors will be recognised with their names inscribed on as many statues of Sai Baba at the Temple.
According to Mr Duvurru, 21 persons have already pledged their participation at the New Year Prayers and festivities held at the Fickling Convention Centre in Three Kings on January 1.
“The response was encouraging with a commitment of $259,000 and actual donations of $51,000. With such support from members and the public, we are confident of completing the Project as per schedule,” Mr Duvurru said.
Further details can be obtained from him on (09) 8202534 or 021-2923807 Email:
email@example.com Website: www.shirdisaibaba.org.nz