RattanIndia Power (RIPL), a thermal power company, has raised a total of `1,125 crore from a consortium of lenders, which the company will use to refinance its debt. Of the total, Kotak Credit Funds have invested `732 crore in the company, while the remaining is from domestic institutions and family offices.
Kotak Strategic Situations India Fund II (KSSF II) and Kotak Private Credit Fund (KPCF), managed by Kotak Investment Advisors (KIAL), invested `732 crore in the non-convertible debentures (NCDs) of RIPL.
The investments by KSSF II stood at Rs 582 crore, while that by KPCF was at Rs 150 crore.
“This is the first investment from our new credit funds which have participated across the capital stack for appropriate risk adjusted returns,” KIAL MD Srini Sriniwasan said.
Also read: MSME registration crosses the 2 crore registration milestone on Udyam
According to Eshwar Karra, CEO –Kotak Special Situations Fund at KIAL: “This investment is in line with our fund’s objective of providing solution capital to businesses needing patient funding. It also underscores how KSSF II, through its experience and expertise, has structured a solution that addresses RIPL’s financial requirements.”
RIPL operates a thermal power plant with a capacity of 1,350 MW in Amravati, Maharashtra, and supplies power to Maharashtra State Electricity Distribution Company Ltd. KIAL, a part of Kotak Mahindra Group, was set up in early 2005 and has raised, managed or advised over $8.8 billion across different asset classes including private equity, real estate, infrastructure, special situations and listed strategies.
