OPEN APP
Home >Market >Stock-market-news >IL&FS Transportation arm re-finances Rs883 crore debt via NCDs
On Friday, IL&FS Transportation Networks shares closed unchanged Rs83.55. Photo: Reuters
On Friday, IL&FS Transportation Networks shares closed unchanged Rs83.55. Photo: Reuters

IL&FS Transportation arm re-finances Rs883 crore debt via NCDs

IL&FS Transportation Networks says the NCDs carry a weighted average coupon rate of 8.34% as against 11.30% per annum

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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My Reads Redeem a Gift Card Logout