Gujarat Road and Infrastructure Company riases Rs 300 crore through private placement of NCDs
IL&FS Transportation Networks announced that Gujarat Road & Infrastructure Company (GRICL), an Associate of the Company had allotted 3,000, 9% Rated, Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs. 10,00,000 each aggregating to Rs. 300 Crores on a private placement basis to JP Morgan Securities Asia Private and JP Morgan Securities India. ICRA and CARE, the rating agencies have given Provisional Rating for the NCDs as "AAA(SO)"The funds raised from the issue of the aforesaid NCDs will be utilised by GRICL for repayment /prepayment of the existing Deep Discount Bonds and Non-Convertible Debentures carrying interest rate of 15.5% per annum.
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