NCDs issued by Jorabat Shillong Expressway for refinancing debt

Jorabat Shillong Expressway Limited, a joint venture (JV) between IL&FS Transportation Network Limited and Ramky Infrastructure, has refinanced senior and subordinated debt by issuing NCDs worth Rs 8.83 billion. The JV is undertaking the four-laning of the Jorabat-Shilliong section of National Highway (NH)-40 in Assam and Meghalaya. The project was completed on January 28, 2016 and the company is therefore entitled to receive a semi-annual annuity of Rs 0.72 billion for a period of 15 years from NHAI.