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Abhijeet Power to raise $1.2bn debt by March: Source
Abhijeet Power Ltd, an unlisted utility with an operational capacity of 246 MW, plans to raise Rs 5920 crore debt for a 1,320 MW coal-fired power project by March, a source close to the development said
Abhijeet Power Ltd, an unlisted utility with an operational capacity of 246 MW, plans to raise Rs 5,920 crore debt for a 1,320 MW coal-fired power project by March, a source close to the development said.
"The funds are tied up, but the final papers are yet to be signed," said the source, who declined to be identified as he is not authorised to speak to the media.
Axis Bank Axis Bank , Punjab National Bankand UCO Bank , both state-run, have underwritten the loan and Jas Infrastructure will sign consortium documents by March, he said.
Jas Infrastructure will fund the project through 20% equity and 80% debt, the source said.
Abhijeet Power, which has filed for an Rs 1,375 crore initial public offering with the Securities and Exchange Board of India, is also setting up a 1,080 MW coal-fired power project in the state of Jharkhand.
