In order to refinance past debt, Essar Power issued Rs 1,000 crore worth of rupee denominated bonds.
Including this bond issue, the company has so far raised Rs 2,750 crore and it plans to raise another Rs 2,250 crore.
With these bond issues, the power generating arm of the London-listed Essar Energy intends to refinance loans worth Rs 5,000 crore.
The company wants to refinance its debt with longer tenure loans to match the expected cash flow from its projects.
The company would list these bonds on the Bombay Stock Exchange and repay them from 2017 to 2024.
By 2016, the firm aims to raise its installed generation capacity, which currently stands at 3,910 mw, to 6,700 mw. It also has access to approximately 500 mn t of coal resources across seven coal blocks in India and overseas.
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