IL&FS Transportation board OKs Rs. 20 billion, $500 million bonds

By Wendy Van Sickle

Columbus, Ohio, Jan. 18 – India’s IL&FS Transportation Networks Ltd.’s board of directors approved the issuance of up to up to Rs. 20 billion of masala bonds and $500 million of rated, secured dollar-denominated bonds on Thursday, according to a Bombay Stock Exchange notice.

Proceeds will be used primarily to repay high interest short-term debt in favor of the longer term, lower interest securities, according to the notice.

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

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