As part of its refinancing procedures, Ashoka Highways (Durg) Ltd, a project SPV of Ashoka Buildcon Ltd, has issued non-convertible debentures (NCDs) of Rs 200 crore to IDFC Infra Debt Ltd. The NCDs will carry a coupon rate of 9.40% per annum, it added.

Earlier in June 2015, Ashoka Highways (Durg) had completed refinancing of its debt of Rs 363.40 crore with IDFC Ltd. After this refinancing, the interest cost had been reduced to 10.75% per annum resulting in a saving of 1.70% per annum and extension of repayment period.

According to a company filing, post the latest NCD issue, the average interest cost has now been reduced to 9.62% per annum resulting in saving of interest cost at 0.28% per annum.

The filing further said that the SPV executes the project viz. to carry on the business of construction, operation, maintenance of End of Durg Bypass-Chattisgarh/Maharashtra Border, Section from KM 322.4 to KM 405.0 of NH-6 in the State of Chattisgarh under NHDP Phase IIIA on Build, Operate and Transfer (BOT) basis.

Headquartered in Nashik, Ashoka Buildcon Ltd (ABL), is one of India’s leading road infrastructure companies. It focuses on construction and maintenance of roads, and supporting services to land support-operation of toll roads and others. The company operates through three segments namely construction and contract related activities, BOT projects, and sales of goods.

At 3 pm today, Ashoka Buildcon shares were trading in red at Rs 150.15, down 2.25% from the previous closing of Rs 153.60, on BSE.

here is company details.

 

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