GMR Infras to raise debt of Rs 5,400 crore

GMR Infrastructure has finalised plans to raise debt of Rs 5,400 crore to finance its recently won highway project between Rajasthan and Gujarat. The company won the bid for six-laning of the 555-km Kishangarh-Udaipur-Ahmedabad stretch, the country’s first expansion of a mega highway.

The company has signed an agreement with IDBI to be the lead consortium for debt syndication. IDBI will underwrite half the debt and syndicate the rest.

The company able to strike the deal at a competitive interest rate of around 11.5 per cent with the entire amount to be disbursed in 15 years.