Kotak Strategic Situations India Fund II (KSSF II) and Kotak Private Credit Fund (KPCF), managed by Kotak Investment Advisors Limited (KIAL), has announced its investment of Rs 7.32 billion in the non-convertible debentures (NCDs) of RattanIndia Power Limited (RIPL).
The investment is part of the total investment of Rs 11.25 billion by a consortium of lenders. KSSF II and KPCF invested Rs 5.82 billion and Rs 1.50 billion, respectively in RIPL. The power company will utilise the proceeds to refinance its existing debt. The fundraising is uniquely structured to match the expected cashflow generation and reduce overall cost, which is in sync with RIPL’s improving financial profile. Notably, RIPL operates a thermal power plant with an operational capacity of 1,350 MW at Amravati in Maharashtra, supplying power to Maharashtra State Electricity Distribution Company Limited.