The funds raised were used by the bank's holdcos to redeem non-convertible debentures (NCDs), along with accrued interest, that matured at the end of May. These NCDs were largely held by TPG and GIC themselves, the people said. The NCDs were issued in 2017 and 2018. The proceeds were then infused into the bank, which was struggling with a massive pile of bad loans following the government's demonetisation drive in late 2016.
