GMR Infrastructure subsidiary achieves financial closuer for road project

GMR Infrastructure Ltd has announced that the Tindivanam-Ulundurpet road project on the Chennai-Dindigul (NH-45) highway in the state of Tamil Nadu, which is being executed by the Company’s subsidiary GMR Ulundurpet Expressways Pvt Ltd, has achieved the financial closure on October 16, 2006.

The Salient features of the financial closure are as follows;

The capital cost of the 73 km project totaling Rs 795 Crore was met by way of equity and debt. The debt component of Rs 596.25 Crores, syndicated by ICICI Bank Ltd, has been tied up with Ten bankers namely the Andhra Bank, Bank of India, Bank of Baroda, Central Bank of India, Canara Bank, IDBI Ltd, IIFCL, Punjab National Bank, Union Bank of India, and ICICI Bank as lead lender, While the equity component is Rs 198.75 Crores. The consortium received sanction of Rs 850 Crore from the participating banks against debt requirement of Rs 596.25 Crore.

The door-to-door tenure of loan is 16 years against the concession period of 20 years.

Source : Equity Bulls

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