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L&T Metro Hyderabad to raise Rs 13,600 cr in debt to cut funding cost

moin by moin
22 December 2021
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L&T Metro Hyderabad to raise Rs 13,600 cr in debt to cut funding cost
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L&T Metro Hyderabad to raise Rs 13,600 cr in debt to cut funding cost

L&T Metro Rail that runs metro trains in Hyderabad is raising up to Rs 13,600 crore through bonds and commercial papers, in one of the largest local debt fundraisings in the infrastructure space this year, three people familiar with the matter said.

The loss-making company aims to reduce its funding cost by at least 200 basis points by replacing high-cost bank loans with the new debt, they said.

It aims to sell non-convertible debentures (NCDs) up to Rs 8,600 crore with maturities up to five years, and commercial papers up to Rs 5,000 crore in tranches spread across maturities up to one year, sources said.

The company did not comment on the matter. The NCDs will likely have corporate guarantee from Larsen and Toubro (L&T) and may offer 6.30-6.60% annual returns, people cited above said.

Those should be rated AAA (CE) by rating company Crisil that has already provided such a provisional rating about two weeks ago. Final rating is expected anytime soon.

moin

moin

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