The non-convertible debentures (NCDs) of RattanIndia Power (RIPL) have received an investment of Rs 732 crore from the Kotak Strategic Situations India Fund II (KSSF II) and Kotak Private Credit Fund (KPCF), both of which are managed by Kotak Investment Advisors Limited (KIAL). This investment is a portion of a consortium of lenders' overall Rs 1,125 crore commitment.
RIPL received investments from KSSF II of Rs. 582 crore and KPCF of Rs. 150 crore, respectively. The money will be used by the electricity provider to restructure its existing debt.
According to the company, the fundraising is set up to align with the anticipated generation of cash flow and lower total costs, which is in line with RIPL's improving financial profile.