Ashoka Highways (Durg) issues NCDs of Rs 200 crore to IDFC Infra Debt
Ashoka Buildcon announced that one of its Project SPVs viz. Ashoka Highways (Durg) ("SPV") has issued Non-Convertible Debentures ("NCDs") of Rs. 200 crore to IDFC Infra Debt, as a part of refinancing. The NCDs will carry Coupon rate @ 9.40% per annum. The SPV has re-paid the rupee term of Rs. 200 Cr. loan carrying interest cost @ 9.90% per annum.Post issue of NCDs, the average interest cost has been reduced to 9.62% per annum resulting in saving of interest cost @ 0.28% per annum.
Further the Company has informed that, the SPV executes the Project viz. to carry on the business of construction, operation, maintenance of End of Durg Bypass - Chattisgarh/Maharashtra Border, Section from KM 322.4 to KM 405.0 of NH - 6 in the State of Chattisgarh under NHDP Phase IIIA on Build, Operate and Transfer (BOT) basis.
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