Indus Towers raises Rs 100 billion loan

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Indus Towers raises Rs 100 billion loan

December 15, 2009

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Indus Towers has raised around Rs 100 billion as a loan from a consortium of banks led by SBI Capital, Infrastructure Development Finance Company (IDFC), IDBI and Citibank. The loan, which will be partly used by the company to repay debt worth about Rs 38.27 billion and partly for expansion, comes at an interest rate of 9-10 per cent. In addition to this, Indus Towers has also been provided a short-term bridge funding worth Rs 26.5 billion from Canara Bank, Bank of India, State Bank of India, Citibank, IDBI as well as IDFC.