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IDFC equity fund to invest Rs 2.5bn in Adhunik’s power arm

This article was posted on Dec 23, 2009 and is filed under Stock News

Adhunik Metaliks seems to be on a roll, on Dec 7 ’09, received approval for diversion of forest land in Orissa for mining of iron ore from its captive mine.

Today, Adhunik Metaliks announced signing of definitive agreements with India Infrastructure Fund (IIF), managed by IDFC Project Equity Company Limited for having investment of Rs2.5bn in its power subsidiary Adhunik Power & Natural Resources Ltd. (APNRL) towards part financing the equity of its ongoing 540 MW coal based Merchant Power Project at Damshedpur, Dharkhand.

The project cost of Rs 26580mn is being funded through a debt: equity mix of 3:1. The debt requirement of Rs19870mn has been tied up with a consortium of commercial banks lead by SBI and includes institutions like LIC. IDFC investment will meet part of the equity requirement of Rs6630mn. The project implementation is in full swing and it is likely to commence generation of power from January 2012 onwards.

Shares of Adhunik Metaliks shot up by over 11% to end at Rs107.

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