Assume you’ve placed the redemption order on Monday before 1:30, if settlement cycle of the fund is T1 , then you will receive the credit to your trading account by Tuesday noon. Once you have the credit to your trading account, you’ll be able to buy Equity with the funds the same day.
Will it be credited to trading account? I don’t think so. It will get credited to Bank account as per my experience with sharekhan. Do zerodha have different policy?