Infrastructure in India: ICICI Bank-backed fund sees jump in space, set to raise Rs 3000 cr

Infrastructure in India: ICICI Bank-backed fund sees jump in space, set to raise Rs 3000 cr

ICICI Bank-backed infrastructure debt fund (IDF) India Infradebt plans to raise Rs 3,000 crore via bonds in FY18 in anticipation of growth picking up in the infrastructure space, MD & CEO Suvek Nambiar told FE. In FY17, it had raised Rs 2,500 crore. The funds, Nambiar said, would be raised from the domestic market which is more cost competitive compared with foreign borrowings. “There is a dearth of AAA-rated infrastructure paper in the market. For the funds we have raised so far — about Rs 4,000 crore — there are about 200 institutional investors who have invested in our bonds. The market is quite comfortable,” he said. The company’s balance sheet stood at Rs 4,500 crore as of March 31, 2017. It plans to grow this to Rs 7,500 crore by the end of the current financial year, and to Rs 11,000 crore by FY19. Read More…

 

 

 

Credit By: Financial Express

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