Firstsource Solutions Ltd (FSL), a pure play BPO company, has raised $180 million long-term loan from the international loan syndication market to refinance existing term loans.

The US subsidiary of FSL had signed a credit agreement for $180 million with a consortium of six financial institutions, including overseas branches of four Indian banks — Axis Bank, Canara Bank, ICICI Bank and IOB, along with GE Capital, USA and DBS Bank.

The company said the interest rate for the new term loan was lesser than the interest rate for existing loans. The loan, which has been fully drawn, would be used to refinance the existing ECB and term loan of $64 million and to address redemption obligation for FCCB ahead of term.

Power Grid Corporation of India Ltd's board of directors had granted four investment approvals for transmission system for connectivity of MB Power (M.P.) Ltd at an estimated cost of Rs 425.51 crore, for common system associated with ISGS Projects in Krishnapatnam area of Andhra Pradesh at an estimated cost of Rs 1637.34 crore, for provision of spare ICTs and reactors for Eastern, Northern, Southern and Western Regions valued about Rs 200 crore and for integration of pooling stations in Chhattisgarh with central part of WR for IPP Generation Projects in Chhattisgarh at an estimated cost of Rs 1391.97 crore.

SRF Ltd's board of directors has approved the investment in a thin BOPET film Line (28500 TPA) and a Metalizer (7050 TPA) in Thailand at a cost of $65 million (approximately Rs 290 crore). The plan to set up 28,500 MT BOPET film plant in Bangladesh through an 80:20 joint venture with Nitol Niloy Group will be reviewed by the board. The board also revised capital expenditure for the multipurpose chemical plant at Dahej to Rs 132 crore from Rs 97 crore.

Velan Hotels Ltd 's board of directors will on August 4 take on record and approve the final letter of offer for rights issue.

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