New Delhi: Kotak Strategic Conditions India Fund II (KSSF II) and Kotak Non-public Credit score Fund (KPCF), managed by Kotak Funding Advisors Restricted (KIAL), have invested ₹732 crore within the non-convertible debentures (NCDs) of RattanIndia Energy Restricted (RIPL), the corporate stated in a launch.
The funding is a part of an total ₹1,125 crore infusion by a consortium of lenders, RattanIndia stated, including that it will likely be deployed for refinancing debt.
KSSF II and KPCF invested ₹582 crore and ₹150 crore, respectively in RIPL. The ability firm will use the proceeds to refinance its present debt.
The fundraising is structured to match the anticipated money move era and scale back total value, which is in sync with RIPL’s bettering monetary profile, the corporate stated.
“That is the primary funding from our new credit score funds, which have participated throughout the capital stack for acceptable risk-adjusted returns,” Srini Srinivasan, managing director at Kotak Funding Advisors, which manages KSSF and KPCF, stated.
“This funding is according to our fund’s goal of offering resolution capital to companies needing affected person funding. It additionally underscores how KSSF II, via its expertise and experience, has structured an answer that addresses RIPL’s monetary necessities,” stated Eshwar Karra, CEO –Kotak Particular Conditions Fund at Kotak Funding Advisors Restricted.
RIPL is a part of the RattanIndia Group promoted by Rajiv Rattan. It operates a thermal energy plant with an operational capability of 1,350 MW at Amravati in Maharashtra, India. It is likely one of the few private-sector thermal energy turbines supplying energy to Maharashtra State Electrical energy Distribution Firm Ltd. (MSECDL).
Up to date: 23 Jun 2023, 04:58 PM IST