L&T Metro Rail Hyderabad Raises Rs 13,119 Crore -

(T.E.T)

L&T Metro Rail Hyderabad Ltd that runs metro trains Wednesday raised Rs 13,119 crore by selling bonds and commercial papers (CPs). This will be one of the largest fundraisings on a single day.

Bonds were sold in three tranches collectively for Rs 2,872 crore each. Those will mature in three year-four months, four year-four months and five year-four months. They yielded in the range of 6.37-6.68 percent. SBI Capital Market helped the company raise the funds.

ET reported on December 22 that the company was raising up to Rs 13,600 crore including Rs 8,600 crore worth of bonds and CPs of up to Rs 5,000 crore.

Mutual funds, banks and insurers were among others, who subscribed to those securities.

The company also sold four sets of CPs maturing in three-six-nine and 12 months. They yielded in the range of 4.55-5.45 percent.

The loss-making company aims to reduce its funding cost by at least 200 basis points by replacing high-cost bank loans with the new debt, they said.