MBL Infra share price recovered and gained 5 per cent intraday on the NSE after the New Delhi-based company was seen to raise Rs 300 cr in mezzanine funding to instill additional equity into some of its newly acquired projects to acquired financial closure, 2 people aware of the development informed. The scrip has been dipping consistently in the last few days. Mezzanine financing is a non-conventional form of funding that shares the features of both debt and equity.
The company has been in talks with several lenders for a while now and has received a term sheet from Piramal Fund Management already. The promoters are looking to shore up equity to acquire financial closure of the newly acquired projects.
MBL Infra is executing 3 projects on a BOT or build-operate-transfer basis through special purpose vehicles. The firm also recently won 3 projects under the hybrid annuity model from the NHAI - National Highways Authority of India.
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