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Our Bureau

Mumbai , May 7

KARNATAKA Power Corporation Ltd (KPCL) will soon raise rupee term loan to the tune of Rs 1,680 crore, with the help of a consortium of 21 lenders.

The deal has been syndicated by SBI Capital Markets Ltd (SBICAP) and Punjab National Bank, the joint advisors and arrangers to KPCL for the transaction, according to a press release.

SBICAP assisted KPCL in structuring the term loan proposal, which has enabled KPCL to raise the about 14-year tenor loans at a rate of interest of 7.5 per cent per year.

KPCL, a wholly-owned Government of Karnataka enterprise, has an installed capacity of 4,350 MW, which represents over 70 per cent of the installed capacity in the State.

The transaction for KPCL's first 500-MW power station infuses the much required impetus to development of the power sector in Karnataka, which is today recognised as one of the top five States spearheading power sector reforms in the country, the release said.

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