Gayatri Projects achieves financial closure

Hyderabad, Dec 5 (UNI) Infrastructure major Gayatri Projects Ltd has achieved financial closure, ahead of the stipulated time, for its two road projects to be developed through Special Purpose Vehicles (SPVs).

A company release here said IL and FS had syndicated the entire debt of Rs 667.21 crore, carrying an interest rate of 11 per cent.

The United Bank of India is the leader of the consortium of lenders for both the SPVs.

The projects were Hyderabad Expressways Pvt Ltd (HEPL) and Cyberabad Expressways Pvt Ltd (CEPL), costing Rs 430.96 crore and Rs 501.75 crore respectively.

While the total syndicated debt in case of HEPL was Rs 290.90 crore, it was Rs 376.31 crore for CEPL.

UNI