IL&FS Transportation affiliate to issue Rs. 3 billion of debentures

By Susanna Moon

Chicago, April 14 – IL&FS Transportation Networks Ltd. notified the Bombay Stock Exchange that Gujarat Road and Infrastructure Co. Ltd., an associate of the company, plans to issue Rs. 3 billion of secured redeemable debentures in a private placement.

The company allotted 3,000 of the rated, listed debentures with a face value of Rs. 1 million each, according to a notice.

J.P. Morgan Securities Asia Private Ltd. and J.P. Morgan Securities India Private Ltd. are the agents.

ICRA and CARE, the rating agencies, have given a provisional rating of AAA(SO).

Proceeds will be used for repayment or prepayment of the existing deep discount bonds and non-convertible debentures with an interest rate of 15.5% per year.

IL&FS Transportation is a surface transportation infrastructure company based in Mumbai, India.

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