The L and T Metro Rail Hyderabad Limited has mobilized funds to the tune of Rs 13,119 crore in one day by way of selling bonds and Commercial Papers (CPs). It disposed of three bonds each of which is valued at Rs 2,872 crore. These bonds are of the duration three years four months, four years four months and five years four months. Similarly, four sets of CPs each of duration of three, six, nine and 12 months duration have been disposed of. So far, the bonds netted Rs 8,600 crore, while the CPs earned the Metro Rail Rs 5000 crore. The SBI Capital Market helped Metro Rail to raise the funds.
Metro Rail, which is running under losses, took the decision to cut down on the spending of its funds by 200 basis points. It is going to repay the burdensome bank loans with the funds so realized.
