IRB Infrastructure Developers on Thursday said its special purpose vehicle — Udaipur Tollway Limited — has raised Rs 700 crore through the issuance of redeemable non-convertible debentures on a private placement basis.
According to a statement, the Special Purpose Vehicle (SPV) will use proceeds to refinance the existing project debts.
“The NCD (Non-Convertible Debenture) proceeds from refinancing would be utilised for part takeout financing of the existing project loans obtained and provide a significant savings of over Rs 100 million annually at a revised interest cost of nearly 8.9 per cent,” it said in a statement.
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