STOCK MARKET BSE NSE

IRB Infra Ties Up Finance of Rs 1,756 Cr to Fund Road Project

IRB Infrastructure Developers said it has tied up finances of Rs 1,756 crore to fund a project with a total cost of Rs 3,177 crore.

Published: 17th March 2015 06:32 PM  |   Last Updated: 17th March 2015 06:32 PM   |  A+A-

By PTI

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.

More from Business.

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp