NEW DELHI: IL&FS Transportation Networks, part of the IL&FS Group, today said its board has given nod for issuance of masala bonds worth up to Rs 2,000 crore besides USD-denominated bonds of up to $500 million.
"We wish to inform that at the meeting of the board of directors held today, an in-principle approval was granted for issuance of …masala bonds up to Rs 2,000 crore" and "rated secured USD denominated bonds upto USD 500 million," IL&FS Transportation said in a regulatory filing to the BSE.
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 having long-term maturity, it said.
IL&FS Transportation in 2016 had raised $50 million through a maiden masala bonds sale to the Export Development Canada (EDC).
[contf]
[contfnew]
ET Markets
[contfnewc]
[contfnewc]
