New Delhi: IL&FS Transportation Networks Ltd on Friday said its joint venture firm, Jorabat Shillong Expressway Ltd, has re-financed debts amounting to Rs883 crore through issuance of non-convertible debentures (NCDs).

“Jorabat Shillong Expressway Ltd, a joint venture mandated for development of section of NH-40 from 0.00km to 61.80km in Assam and Meghalaya has re-financed senior and subordinated debt by issue of non-convertible debentures to the extent of 883 crore," IL&FS Transportation Networks said in a BSE filing.

The company added that the NCDs carry a weighted average coupon rate of 8.34% as against 11.30% per annum, resulting in savings of approximately 2.96% in interest cost.

The project was completed on 28 January 2016 and is entitled to receive from the National Highways Authority of India a semi-annual annuity of Rs72.51 crore for a period of 15 years, effective 28 July 2016.

On Friday, IL&FS Transportation Networks shares closed unchanged Rs83.55.