KPI Global Infrastructure Ltd shifts loan to SBI at reduced rate

KPI Global Infrastructure Ltd had earlier availed the financial assistance of Rs. 193.50 (Rupees One Hundred Ninety-Three Crores and Fifty Lakhs only) from Power Finance Corporation Limited (PFC), New Delhi, towards (i) part financing of 25 MWdc Solar power project; (ii) Refinancing of the existing 15.35 MW de Solar power project; and (iii) Setting up of new 20 MWdc Solar power project developed by the Company under IPP segment at Bharuch, Gujarat, which is now being entirely taken over by State Bank of India (SBI), Surat.

The Company has accepted the sanction letter for the takeover of aforesaid entire financial assistance amounting to Rs. 178 Crores (Rupees One Hundred Seventy-Eight Crores only) received form State Bank of India (SBI), Surat. The aforementioned financial assistance availed from PFC was at the average interest rate of 11.30% p.a., which shall be substantially reduce to 7.45% p.a. post takeover by SBI. Therefore, the Company shall avai1 immense financial benefit in the Rate of Interest through this financial restructuring.

Shares of K.P.I. Global Infrastructure Ltd was last trading in BSE at Rs. 461.60 as compared to the previous close of Rs. 454.55. The total number of shares traded during the day was 79490 in over 2565 trades.

The stock hit an intraday high of Rs. 477.25 and intraday low of 453.05. The net turnover during the day was Rs. 37346218.00.

Source : Equity Bulls

Keywords

KPIGlobalInfrastructure INE542W01017 FinanciaLAssistance SBI