GMR Infrastructure Farukhnagar-Jadcherla road project achieves financial closure

GMR Infrastructure Ltd has announced that the Farukhnagar-Jadcherla road project on NH-7 in the state of Andhra Pradesh, which is being executed by the Company’s subsidiary GMR Jadcherla Expressways Pvt Ltd, has achieved the financial closure on August 18, 2006.

The Salient features of the financial closure is as follows:

The capital cost of the project totaling Rs 4710 million was met by way of Equity and Debt in the ratio of 1:3. The debt component of Rs 3530 million, syndicated by ICICI Bank Ltd, has been tied up with bankers namely the Central Bank, Canara Bank, Bank of Baroda, Andhra Bank, Vijaya Bank, Bank of India and ICICI Bank as lead lender. The equity component is Rs 1180 million with an option to bring 5% of project cost as subordinate debt in lieu of equity.

Source : Equity Bulls

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