Sadbhav Infrastructure Project Ltd. is using Rs 1,400 crore of the total proceeds from the sale of its build-operate-transfer projects to repay debts.
“ (From the sale proceeds) around Rs 1,400 crore we are utilising to make repayments into the system,” said Nitin Patel, executive director of the road builder in an interview with BloombergQuint. “...And the rest will be available for transaction-related costs, tax, as well as to fund the ongoing hyper-annuity projects.”
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The company has advanced short-term loans worth Rs 240 crore to Rohtak-Panipat project and Rs 180 crore loans to the Rohtak-Hisar project to meet lenders' commitments, a note by Edelweiss Research read.
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“The breakup of some of the consideration is in the form of units of the trust, and the remaining is in cash,” Patel said. “Out of the cash which is there, the total we are supposed to get is around Rs 2,550 crore for the entire transaction,” he said, adding that Rs 1,900 crore from this corpus will be in the form of cash and the money used for repayment will be used from this.
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