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Kotak Strategic Situations India Fund, Kotak Infrastructure Investment Fund, and Kotak Private Credit Fund participated in the transaction by subscribing to privately placed rupee bonds issued by Alaknanda Hydropower. The bonds carry a coupon of 12% and mature in 2039. The funds raised will be used to repay existing lenders, including Axis Bank, Power Finance Corporation, IDBI Bank, Life Insurance Corporation of India, and Punjab National Bank, people cited above said. A Kotak spokesperson confirmed a debt deal. A GVK Group spokesperson did not immediately respond to requests for comment.
The refinancing comes at a critical time for Alaknanda Hydropower, which operates a 330 MW hydroelectric project on the Alaknanda River in Uttarakhand.
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https://economictimes.indiatimes.com/markets/stocks/news/alaknanda-hydro-gets-rs-2000-crore-from-kotak-funds/articleshow/120747220.cms
