Kalinga Coalmines to raise Rs 1.21-bn loan
Country's Kalinga Coalmines Ltd plans to raise Rs 1.21 billion through a syndicated loan to fund a mining project in eastern Orissa state, an investment banker associated with the deal said on Tuesday.
By PTI |
MUMBAI: Country's Kalinga Coalmines Ltd plans to raise Rs 1.21 billion through a syndicated loan to fund a mining project in eastern Orissa state, an investment banker associated with the deal said on Tuesday.
The 8-year rupee-denominated loan would carry an interest rate of 9.5 per cent, payable annually. UTI Bank and ABN Amro Securities are the book-runners for the syndication.
"We have just launched the syndication. The deal is virtually sold. We are awaiting a formal sanction from various banks," the banker told Reuters.
Privately owned Sainik Mining and Allied Services has 74 per cent stake in Kalinga, while the state-run Orissa Mining Corporation owns the balance.
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