CLP India Private Limited has raised Rs 2.2 billion through the issue of asset-specific non-convertible debentures (NCDs) for the 1,320 MW coal-based Jhajjar power plant in Haryana. The company will utilise the proceeds to refinance the existing foreign currency loans. The outstanding loan for the power plant comprises a rupee-term loan (27 per cent), bonds (23 per cent) and a foreign currency loan (50 per cent). NCDs secured by project assets carry a coupon rate of 9.91 per cent with a maturity of seven or eight years. NCDs are secured by the project assets. Some of the investors of the bond issue are L&T Mutual Fund Trustee Limited, SBI General Insurance Company Limited and IDFC Bank.
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