IL&FS Transportation to issue Rs 20 billion worth masala bonds

The board of IL&FS Transportation Networks Limited has given its nod for the issuance of masala bonds worth up to Rs 20 billion besides dollar-denominated bonds of up to $500 million. The proceeds of the issue will be primarily used to repay high-interest-bearing short-term debt by a security with a lower interest cost and long-term maturity.