Through NCD issuance and sale of units of IndInfravit
Sadbhav Infrastructure Projects (SIPL) has entered into the Debenture Trust Deed to raise Rs 700 crore from the investors led by Allianz Global Investors (Allianz GI) and AMP Capital (the Investors) out of which a sum of Rs 550 crore has already been funded by the Investors. The funding has been structured with flexible repayment obligation linked to monetization of the SPVs of SIPL within a tenure of 48 months to 63 months.Further SIPL has sold 7.0% of units in IndInfravit Trust to CPP Investments for a total consideration of Rs 441 crore. SIPL continues to hold 3.0% of units in IndInfravit Trust and will continue as one of the Project Managers for IndInfravit Trust.
The above long term funding and sale of units will help the Company to inter alia meet repayment of all its existing short term debt obligations and to fund the ongoing portfolio of Hybrid Annuity Model (HAM) road assets of the Company. Apart from Allianz GI and AMP who are long term investors, the Company will not have any third party debt except for non-fund based working capital lenders.
The above long term funding and sale of units will help the Company to inter alia meet repayment of all its existing short term debt obligations and to fund the ongoing portfolio of Hybrid Annuity Model (HAM) road assets of the Company. Apart from Allianz GI and AMP who are long term investors, the Company will not have any third party debt except for non-fund based working capital lenders.
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