IL&FS Transportation Networks has received an approval for issuance of masala bonds worth up to Rs 2,000 crore besides USD-denominated bonds of up to $500 million. The board of director at its meeting approved the same.
The proceeds of the issue will be primarily used to repay high interest bearing short-term debt by a security with a lower interest cost having long-term maturity.
IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.