A Tidco source indicated that the bond issue is expected to hit the market within a fortnight or so to raise part of the debt fund of Rs 226 crore required for the information technology park.

The bonds have been rated by Icra and will carry an attractive interest rate not exceeding 15 per cent besides carrying government guarantee, the source said.

Meanwhile, Hyundai Engineering & Construction Ltd, which has bagged the engineering, procurement and construction (EPC) contract for the project, has picked up about 14.8 per cent stake in a total equity of Rs 54 crore. Confirming this, the source disclosed that operation & maintenance (O&M) contractors will be given an equity of Rs 4 crore and EPC and O&M together will hold equity worth Rs 12crore.

Tidco has shortlisted and written to leading international O&M contractors like Cushman Wakefield, CB Richard Ellis, JLW and Collier Jardine and is awaiting their response. Tidco has also advertised so that more interested parties can respond.

The selected O&M contractor will be offered an equity of Rs 4 crore in the project which has a total outlay of Rs 290 crore. Small Industries Development Bank of India (Sidbi) has sanctioned a loan of Rs 75 crore for the project. Tidco is also in talks with FIs and banks such like SBI, Central Bank and Canara Bank to tie up the balance portion of debt amounting to around Rs 70 crore.

The source said Tidco has already marketed to infotech companies 1.2 lakh square feet area of the total 1.2 million square feet of software development space available in the proposed park and is looking to rope in internationally reputed firms to market another 3 lakh square feet area before the park gets commissioned. It is targeting financial closure of the project by thismonth-end. The source denied there was any construction delay in the project and said work is on schedule and is to be completed by the beginning of next year.