The finance is being provided for a 4-year term by Indian lender Infrastructure Development Finance (IDFC), which provided a first tranche of $78.5m in June. Caparo says that as it said in June, the mezzanine financing does not entail any equity dilution for the company’s existing shareholders. “The Company expects to repurchase/buy-back both tranches of mezzanine from internal cash flows and the issue of senior debt instruments, bonds or other debt refinancing, within three to five years,” Caparo says.
Caparo
