Sadbhav Infrastructure Projects Limited to refinance road projects

Sadbhav Infrastructure Projects Limited is in the process of refinancing the debt of nine of its eleven road projects, which will result in savings of over Rs 1.27 billion annually. Two subsidiaries of the company – Shreenathji Udaipur Tollway Private Limited (SUTPL) and Ahmedabad Ring Road Infrastructure Limited (ARRIL) – have completed the refinancing of their existing debt facilities. SUTPL has completed the refinancing by reducing the interest rate to 9.2 per cent per annum from 11.3 per cent. The effective date for repayment of its debt will be March 31, 2037. The company will also issue NCDs to infrastructure debt funds for an amount of up to Rs 5.45 billion, subject to necessary approvals. Accordingly, the average cost of the entire debt will be reduced to 8.81 per cent per annum. ARRIL completed the refinancing by reducing the interest rate from 10.9 per cent per annum to 8.7 per cent. Bilwara-Rajsamand Tollway Private Limited and Maharashtra Border Check Post Network Limited are expected to refinance their debt within the next two months.