The Adani Group will raise money from the market to buy road projects from Macquarie Asia Infrastructure Fund (MAIF).
Adani Road GRICL (ARGL) and Adani Road STPL will raise up to Rs 800 crore through non-convertible debentures (NCDs). Each of the entity will raise up to Rs 400 crore by issuing debentures.
ARGL will acquire 56.8 percent stake in Gujarat Road Infrastructure Company (GRICL). It is also evaluating to subsequently acquire IL&FS’s 26.8 percent stake in GRICL and have 83.6 percent shareholding in the entity.
Apart from this, ARSL will acquire 100 percent holding in Swarna Tollway (STPL) from Macquarie.
GRICL is a special purpose vehicle (SPV) for developing two state road projects in Gujarat, Ahmedabad-Mehsana and Vadodara-Halol.
