Essel Infraprojects raises Rs 6 billion worth NCDs

Essel Infraprojects Limited has raised Rs 6 billion through non-convertible debentures (NCDs) at a semi-annual coupon rate of 9.05 per cent per annum for a project entailing four-laning of the Lucknow-Rae Bareli section. The project has been recently completed by the company’s subsidiary – Essel Lucknow Raebareli Toll Roads Limited (ELRTRL). India Ratings and CARE Ratings have awarded a credit rating of AAA (SO) to ELRTRL. The annuity-based project with a fixed income of Rs 1 billion per annum was awarded to Essel Infraprojects by the National Highways Authority of India (NHAI). The project has a concession period of 17 years.