India Infrastructure Finance Company Ltd (IIFCL) is open to raising funds through external commercial borrowings (ECB), Harsh Kumar Bhanwala, officiating Chairman & Managing Director, said here on Friday.
The senior management of IIFCL plans to go in for no-deal road shows abroad to gauge investor appetite for providing foreign currency-based debt resources to IIFCL.
The board of directors of the State-owned infrastructure lender will meet this month end to take a formal view on raising of ECBs, Bhanwala told reporters at a road show for the ongoing public issue of tax-free bonds.
Till Thursday, IIFCL has mobilised Rs 725 crore under the first tranche that was launched on October 3.
Meanwhile, the Board of IIFC (UK), the wholly-owned London arm of IIFCL, has reviewed its exposure to the Delhi Airport Metro Express Line project.
IIFCL has an exposure of $54 million out of total Rs 1,800 crore provided by a consortium of lenders.
Bhanwala said IIFCL’s UK arm was concerned about the overdues (two months of servicing of debt) and would soon approach Axis Bank, the consortium leader, to initiate action for recovery.