Soma Enterprises raises $100 mn from StanChart and L&T Finance

Mumbai: Hyderabad-based infrastructure company Soma Enterprises has raised $100 million from Standard Chartered and L&T Finance to pare debt and finance working capital, sources close to the development said.

Standard Chartered has invested $70 million through NCDs and compulsory convertible bonds in Soma. L&T Finance's public financial institution subsidiary, L&T Infrastructure Finance Company, is believed to have extended $30 million via NCDs. "Standard Chartered and L&T Finance are our existing lenders and we have raised funds from them for debt refinancing and our working capital needs," Ankineedu Maganti, managing director, told ET.

Maganti did not confirm the amount raised but said that it would help the company refinance part of the company's 2,200-crore debt. The company is also on the look out for equity investment to finance its expansion projects.