According to news reports, TVS Mobility, the family business of TS Rajam and his successors, has reached an agreement with many lenders to raise Rs 1,800 crore in debt through a three-tranche loan structure.
The money will be used for debt reduction and capital expenditures across all of the closely owned companies.
A 300–350 crore first tranche from Standard Chartered Bank is part of the new financing. Nomura will be one of the other lenders contributing to the next tranche of around ₹800 crore.
According to news reports, a group including Nomura, a Kotak Fund, Axis AIF, Nippon, and ICICI Prudential AIF is raising the third tranche, which is between 600 and 650 crore.
The three tranches of the funds are priced between 13-15%.
With a commitment of ‘₹300 crore,’ ICICI Prudential AIF among the largest contributors outside of Standard Chartered, followed by a Kotak Fund with ‘₹250 crore’ and Nomura with ‘₹200 crore’.
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