Gurgaon, Jan 12 (IBNS) Sistema Shyam TeleServices Limited (SSTL) that nationally operates its telecom services under the MTS brand, on Thursday announced the raising of a loan amounting to INR 1280 Crore through Non Convertible Debentures (NCD). Deutsche Bank is the lead banker of the issue.
According to Sergey Savchenko, Chief Financial Officer of Sistema Shyam Teleservices Ltd. "It was quite challenging to raise such significant funds with such long tenor under current uncertain regulatory environment in India, but business has to continue and grow.
"This is the next step after raising INR 920 Crore loan from Barclays Bank and ICICI Bank in September last year and we currently have several other facilities in pipe-line."
He said: "We are planning to utilize the proceeds to further scale up our telecom operations and repayment of maturing loan."
The entire amount of INR 1280 Crore has been received by SSTL. The 8 year Debt is payable by 2019.
