Kotak Credit Funds invest Rs 7.32 billion in RattanIndia Power

Kotak Strategic Situations India Fund II (KSSF II) and Kotak Private Credit Fund (KPCF), managed by Kotak Investment Advisors Limited (KIAL), has announced its investment of Rs 7.32 billion in the non-convertible debentures (NCDs) of RattanIndia Power Limited (RIPL).
The investment is part of the total investment of Rs 11.25 billion by a consortium of lenders. KSSF II and KPCF invested Rs 5.82 billion and Rs 1.50 billion, respectively in RIPL. The power company will utilise the proceeds to refinance its existing debt. The fundraising is uniquely structured to match the expected cashflow generation and reduce overall cost, which is in sync with RIPL’s improving financial profile.