GMR achieves financial closure of Rs 471 cr project
GMR Infrastructure Ltd on Thursday said it has achieved financial closure of the Rs 471 crore Farukhnagar-Jadcherla road project.
By PTI |
MUMBAI: GMR Infrastructure Ltd on Thursday said it has achieved financial closure of the Rs 471 crore Farukhnagar-Jadcherla road project.
The road project on NH-7 in Andhra Pradesh, which was being executed by its subsidiary GMR Jadcherla Expressways Pvt Ltd, achieved financial closure on August 18, the Bangalore-based infrastructure major informed the Bombay Stock Exchange.
The capital cost of the project was met by way of equity and debt in the ratio of 1:3, wherein the debt component was Rs 353 crore and the equity component was Rs 118 crore, it added.
The debt component was syndicated by ICICI Bank Ltd and was tied up with bankers such as the Central Bank, Canara Bank, Bank of Baroda, Andhra Bank, Vijaya Bank, Bank of India and ICICI Bank as lead lender.
The equity component came with an option to bring five per cent of project cost as subordinate debt in lieu of equity.
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