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IL&FS Transportation Networks on Friday said its joint venture firm, Jorabat Shillong Expressway Ltd, has re-financed debts amounting to Rs 883 crore through issuance of non-convertible debentures (NCDs).
"Jorabat Shillong Expressway Ltd, a joint venture mandated for development of a section of NH-40 from 0.00 km to 61.80 km in Assam and Meghalaya has re-financed senior and subordinated debt by the issue of non-convertible debentures to the extent of Rs 883 crore," IL&FS Transportation Networks Ltd said in a BSE filing.
The company added that the NCDs carry a weighted average coupon rate of 8.34 per cent as against 11.30 per annual resulting in savings of approximately 2.96 per cent in interest cost.
The project was completed on January 28, 2016, and is entitled to receive from NHAI a semi-annual annuity of Rs 72.51 crore for a period of 15 years effective July 28, 2016.