IL&FS Transportation Networks subsidiary refinances Rs 1,730 crore debt via non convertible debentures

IL&FS Transportation Networks Ltd on Monday said its arm Jharkhand Road Projects Implementation Company Ltd has re-financed Rs 1,730 crore debt via issuance of non-convertible debentures (NCDs).

"Jharkhand Road Projects Implementation Company Ltd, a subsidiary of the company, has re-financed its debt of Rs 1,730 crore availed for development of 5 Road stretches in the state of Jharkhand by issue of non-convertible debentures," IL&FS Transportation Networks said in a BSE filing.

The company added that the NCDs carry a weighted average coupon rate of 9.45 per cent per annum resulting in reduction of its interest cost by approximately 205 basis points.