TARC raises Rs 1,000 crore to refinance its existing debt

TARC has raised Rs 1,000 crore from a consortium led by Kotak Mahindra Bank, Nomura Capital, Aditya Birla Capital, and STCI. The funds raised will be utilised for refinancing of its existing debt along with Rs 250 crore additional working capital facility to be available on call. The new borrowing cost at 12.75% p.a. will significantly enhance TARC's cash flows, facilitating substantial savings. The reduction in interest cost will provide the Company with the financial flexibility necessary for growth and expansion.