Sistema Shyam TeleServices Limited (SSTL) has announced the raising of a Rs 12.80 billion loan through non convertible debentures (NCD). Deutsche Bank is the lead banker of the issue.
According to Sergey Savchenko, Chief Financial Officer, SSTL, ?It was quite challenging to raise such significant funds with such long tenor under current uncertain regulatory environment in India, but business has to continue and grow. This is the next step after raising Rs 9.20 billion loan from Barclays Bank and ICICI Bank in September last year and we currently have several other facilities in the pipeline. We are planning to utilise the proceeds to further scale up our telecom operations and repayment of maturing loan.
The entire loan amount has been received by SSTL. The eight-year debt is payable by 2019.
