IRB`s Ahmedabad Vadodara Project achieves financial closure

February 20, 2012

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IRB Infrastructure Developers (IRB) one of the largest Road BOT developers in India, has declared that its Ahmedabad Vadodara Project has achieved financial Closure.

IRB Ahmedabad Vadodara Super Express Tollway, SPV for Ahmedabad Vadodara Project has tied up Project finance of Rs 33 billion. The total cost of this project is Rs 4.88 billion, out of which equity contribution by the Company will be approx. Rs. 1.58 billion and remaining will be funded through Project finance of Rs 33 billion. Out of thisProject finance, approx. Rs 11 billion can be drawn as ECB and remaining Rs 22 billion as Rupee Term Loan. The weighted average blended cost of this Project finance is approx. 10.5% p.a.

A Consortium of Lenders comprising of Infrastructure Development Finance Company (IDFC) – Lead Institution, India Infrastructure Finance Company (IIFCL), Andhra Bank, PunjabNational Bank, Indian Overseas Bank, Bank of India, Union Bank of India and ICICI Bank have financed this project.

Announcing this, Virendra D. Mhaiskar, Chairman & Managing Director of IRB said, “This is the largest debt tie-up in the Highway Infrastructure Sector till date in a pure play toll based BOT project. With this, IRB has achieved financial closure for all the projects awarded to it by NHAI and there is no project pending financial closure.“

Shares of the company declined Rs 2.25, or 1.31%, to settle at Rs 169.05. The total volume of shares traded was 269,294 at the BSE (Monday)

Source: www.myiris.com

Written by ITW Editor · Filed Under Uncategorized

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