Kotak Strategic Situations India Fund II (KSSF II) and Kotak Private Credit Fund (KPCF), managed by Kotak Investment Advisors Limited (KIAL), today announced its investment of INR 732 crore in the non-convertible debentures (NCDs) of RattanIndia Power Limited (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders.
KSSF II and KPCF invested Rs 582 crore and Rs 150 crore, respectively in RIPL. The power company will utilise the proceeds to refinance its existing debt. The fundraising is uniquely structured to match the expected cashflow generation and reduce overall cost, which is in sync with RIPL’s improving financial profile.
Srini Sriniwasan, Managing Director, Kotak Investment Advisors Limited said, “The financing provided by our credit funds to RattanIndia underscores our ability to move with agility and provide timely structured financing to meet specific needs. This is the first investment from our new credit funds which have participated across the capital stack for appropriate risk adjusted returns.”
Eshwar Karra, CEO –Kotak Special Situations Fund at Kotak Investment Advisors Limited said, “This investment is in line with our fund’s objective of providing solution capital to businesses needing patient funding. It also underscores how KSSF II, through its experience and expertise, has structured a solution that addresses RIPL’s financial requirements.”
RIPL is a part of the RattanIndia Group promoted by Rajiv Rattan. It operates a thermal power plant with an operational capacity of 1,350 MW at Amravati in Maharashtra, India. It is one of the few private-sector thermal power generators supplying power to Maharashtra State Electricity Distribution Company Ltd. (MSECDL).
About Kotak Investment Advisors Ltd.
Kotak Investment Advisors Limited (KIAL), a part of Kotak Mahindra Group (Kotak), focuses on alternate assets management and investment advisory businesses. KIAL was set up in early 2005 and has raised/managed/advised over US$ 8.8 billion across different asset classes including Private Equity, Real Estate, Infrastructure, Special Situations and Listed Strategies. KIAL also has a significant Investment Advisory business, and all asset management and Investment Advisory businesses are managed by independent teams.
