DMRC invites bids from banks for ₹2,700 cr loan to pay Reliance Infra debt
1 min read 09 Jun 2022, 08:33 PM ISTThe DMRC letter has gone to SBI, Axis Bank, Bank of Baroda, Bank of India, Canara Bank, HDFC, ICICI, Kotak, and PNB among others
PremiumNEW DELHI : Delhi Metro Rail Corporation (DMRC) has invited bids from 18 banks to raise a loan of ₹2,700 crore to pay Reliance Infrastructure subsidiary Delhi Airport Metro Express Private Limited (DAMEPL), in compliance with the Supreme Court’s order.
DMRC has already paid ₹2,444 crores to DAMEPL, pursuant to court orders from time to time. In a letter dated 19 May, DMRC wrote to 18 banks on seeking bids by 30 May 2022, but the deadline to submit the bids was later extended to 10 June 2022 (Tuesday). The DMRC letter has gone to SBI, Axis Bank, Bank of Baroda, Bank of India, Canara bank, HDFC, ICICI, Kotak, and PNB among others.
“DMRC proposes to raise loan to the tune of ₹2700 crores for purchase of Airport Line assets. Banks who are willing to extend the above loan, are requested to submit their bid," said the letter. The key parameters of the bid are the amount ( ₹2700 cr) to be drawn within 12 months; the tenor, 15 years (including 4 years moratorium); the quarterly principal repayment and the monthly interest payment. Based on the Arbitral Award and the related SC judgments, the present incremental interest per day for the delay in payment to DAMEPL is ₹1.15 crores.
DMRC has already incurred extra interest liability of more than ₹300 crores from 10.09.2021 till 31.05.2022 due to the delay in payment to DAMEPL.
