 "Kotak Investment Advisors invests Rs 732 cr in RattanIndia Power NCDs")
Kotak Investment Advisors Ltd’s (KICL's) two funds have invested Rs 732 crore in the non-convertible debentures (NCDs) of RattanIndia Power Limited (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders.
The power company will use the proceeds to refinance its existing debt. The fundraising is structured to match the expected cash-flow generation and reduce overall cost, which is in sync with RIPL’s improving financial profile, KICL said in a statement.
Of the funds invested, Kotak Strategic Situations India Fund II has put Rs 582 crore and Kotak Private Credit Fund (KPCF) invested Rs 150 crore.
Srini Sriniwasan, Managing Director, KICL in a statement said, this was the first investment from new credit funds which have participated across the capital stack for appropriate risk adjusted returns. This shows the ability to move with agility and provide timely structured financing to meet specific needs.
RIPL is a part of the RattanIndia Group promoted by Rajiv Rattan. It operates a thermal power plant with an operational capacity of 1,350 MW at Amravati in Maharashtra, India. It is one of the private-sector thermal power generators supplying power to Maharashtra State Electricity Distribution Company Ltd. (MSECDL).
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Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
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