Dec 11, 2015
Essel Infraprojects raises Rs.600 crore through NCDs
Coupon rate to be 9.05% p.a., payable semiannually
Essel Infra to get annuity of Rs.100.40 crore
Essel Infraprojects Limited (EIL), part of Dr. Subhash Chandra led Essel Group has successfully raised Rs. 600 crore through non-convertible debentures (NCDs) at the semiannual coupon rate of 9.05% p.a. for Luckonow-Raebareli four laning project.
The project awarded by National Highway Authority of India (NHAI) was recently successfully completed by the Essel Luknow Raebareli Toll Roads Ltd. (ELRTRL), a fully owned subsidiary of EIL. It is annuity based project with fixed income of Rs. 100.40 crore p.a. from NHAI. The concession period for the project is 17 years. India Ratings and CARE Ratings have awarded a credit rating of AAA (SO) to ELRTRL.
On successful raising of Rs. 600 crore NCD, EIL's CEO Mr. Ashok Agarwal said, "We are one of the fastest growing Infrastructure company having major surface transport | road projects and are aspiring towards making significant contribution in developing core infrastructure projects across the country. We are participating in the growth story of our nation by upgrading the infrastructure & utility across the country, thereby propelling the nation's economy to superior height. The Company is ideally placed to provide integrated solutions to support the Indian government's vision to build Smart Cities across the country".
EIL has completed around 2100 lane kms and are currently constructing 2500 lane kms i.e. total 4600 lane kms in various states of India such as Madhya Pradesh, Gujarat, Punjab, Haryana, Uttar Pradesh, Maharashtra and Tamil Nadu.