Guwahati, December 29: IL&FS Transportation Network’s joint venture firm, Jorabat Shillong Expressway Ltd, has reportedly re-financed debts amounting to Rs 883 crore by issuing non-convertible debentures or NCDs.
The company said in a BSE filing: “Jorabat Shillong Expressway Ltd, a joint venture mandated for development of section of NH-40 from 0.00 km to 61.80 km in Assam and Meghalaya has re-financed senior and subordinated debt by issue of non-convertible debentures to the extent of Rs 883 crore”. They added that the NCDs carry a weighted average coupon rate of 8.34 per cent per cent as against 11.30 per annual resulting in savings of approximately 2.96 per cent in interest cost.
The company was reportedly in talks with merchant bankers for issuing bonds maturing in January 2031.
The project was completed on January 28, 2016 and is reportedly, entitled to receive from NHAI a semi-annual annuity of Rs 72.51 crore for a period of 15 years effective July 28, 2016. The company’s shares were trading 1.06 per cent lower at Rs 102.60 on BSE.