IL&FS Transportation arm re-finances Rs 715 crore debts via NCDs
The company added that the NCDs carry a weighted average coupon rate of 8.56 per cent .
New Delhi: IL&FS Transportation Networks today said its subsidiary Hazaribagh Ranchi Expressway Ltd has re-financed debts amounting to Rs 715 crore through issuance of non-convertible debentures (NCDs).
"The Hazaribagh Ranchi Expressway Limited, a subsidiary of the company, has re-financed its debts including senior debt amounting to Rs 715 crore availed for development of section of NH-33... in the state of Jharkhand by issue of non- convertible debentures," IL&FS Transportation Networks Ltd said in a BSE filing.
The company added that the NCDs carry a weighted average coupon rate of 8.56 per cent payable semi-annually resulting in savings of approximately 282 basis points in interest cost.
The project was completed on January 27, 2013 and receives from NHAI a semi-annual annuity of Rs 64.08 crore for a period of 15.5 years effective September 15, 2012. Shares of IL&FS Transportation Networks Ltd were trading 1.88 per cent lower at Rs 101.75 on BSE.