Lanco achieves financial closure of Orissa power project

September 9th, 2010 - 1:56 pm ICT by IANS  

Mumbai, Sep 9 (IANS) Lanco Infratech Thursday said a 1,320 MW thermal power plant in Orissa, developed by group firm Lanco Babandh Power, has achieved financial closure.
“The project, estimated to cost Rs.6,930 crore, would be financed with a debt of Rs.5,544 crore and an equity of Rs.1,386 crore,” said the company in a regulatory filing.

A consortium of 14 banks and financial institutions with ICICI Bank in the lead are providing the debt required for the project.

The company’s shares are currently trading at Rs.70.80, up by Rs.1.95 or 2.83 percent. The scrip touched an intra-day high of Rs.71.05 and a low of Rs.69.40.

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