Sadbhav Infrastructure raises Rs 700 cr via NCDs

Ahmedabad (Gujarat) [India], February 10 : Sadbhav Infrastructure Project Ltd said on Wednesday it has executed debenture trust deeds with Catalyst Trusteeship Ltd to raise up to Rs 700 crore in various tranches and series on a private placement basis.
The proposed long-term funding is in the form of non-convertible debentures with a tenure of more than four years. The investor consortium was led by Allianz Global Investors and AMP Capital.
"The investment will infuse sufficient liquidity into the company and provide resilience and necessary financial strength to our balance sheet over the long term," said Managing Director Vasistha C Patel.
"The business environment has been quite challenging and we are thankful to the NCD investors for reposing trust and confidence in Sadbhav Infrastructure despite uncertain times," he said in a statement.
In October last year, the Sadbhav Group merged two of its listed entities -- Sadbhav Engineering and Sadbhav Infrastructure Projects -- to create a simplified corporate structure and better utilisation of resources.
The merger followed Sadbhav Infrastructure's decision to sell its nine road assets to the infrastructure investment trust owned by Larsen & Toubro and Canada Pension Plan Investment Board (CPPIB) for about Rs 6,610 crore.
The infrastructure major Sadbhav Engineering has emerged as the lowest bidder by Gujarat Metro Rail Corporation for a Rs 780 project in Surat. The project involves construction of 11.6 km elevated viaduct near Dream City and 10 stations.