Kotak Investment Advisors invests Rs 732 cr in RattanIndia Power NCDs

Kotak Investment Advisors Ltd’s (KICL’s) two funds have invested Rs 732 crore in the non-convertible debentures (NCDs) of RattanIndia Power Limited (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders.

The power company will use the proceeds to refinance its existing debt. The fundraising is structured to match the expected cash-flow generation and reduce overall cost, which is in sync with RIPL’s improving financial profile, KICL said in a statement.

Of the funds invested, Kotak Strategic Situations India Fund II has put Rs 582 crore and Kotak Private Credit Fund (KPCF) invested Rs 150 crore.