NEW DELHI: IRB Infrastructure Developers today said it has tied up finances of Rs 1,756 crore to fund a project with a total cost of Rs 3,177 crore.
"Yedeshi Aurangabad Tollway Pvt Ltd, a wholly-owned subsidiary of the company (IRB Infrastructure Developers Ltd) has achieved financial closure in terms of the concession agreement executed with NHAI by tying up of project finance of Rs 1,756 crore".
"The total cost of this project is Rs 3,177 crore, out of which Viability Gap Funding from National Highways Authority of India (NHAI) will be Rs 558 crore, equity contribution by the company will be approximately Rs 863 crore and remaining will be funded through project finance of Rs 1,756 crore," IRB Infrastructure said in a filing on the Bombay Stock Exchange.
The average cost of debt of this project finance is approximately 11.75 per cent per annum. The concession period for the project is 26 years.
A consortium of lenders comprising of IDBI Bank Limited - Lead Institution, India Infrastructure Finance Company Ltd. (IIFCL), IDFC Limited, Indian Overseas Bank, Union Bank of India and Andhra Bank have financed this project.
The shares of the company were trading at Rs 231.05, up 0.41 per cent in the afternoon trade on BSE.