Midcap infrastructure player Ashoka Buildcon is set to refinance a huge portion of its consolidated debt to bring down interest costs by at least 150-basis points, reports CNBC-TV18’s Navin Shetty quoting sources. Sources say the company plans to refinance almost 80 pecent of its consolidatd debt, which amounts to Rs 3200 crore and is in talks with bankers like IDFC, Axis Bank, SBI for this. The comapny is also in talk with NHAI to form tri-party agreement.They plan to refinance five of its major projects in the state of Maharashtra, Chattisgarh. Projects include Durg Bypass-Maharashtra border road, Sambalpur-Baragarh road & Dhankuni-Kharagpur section and also Belgaum-Dharwad border road.The consolidated debt currently stands at Rs 3800 crore. Moerover, the company expects to complete the whole process by first quarter of FY17. Meawhile, the company also has plans to go for an initial public offering (IPO) for its BOT arm that is Ashoka Concessionaries limited (ACL) in calendar year 2017.The company has not responded to the queries from the channel.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
