Mumbai: Vineet Mittal-led Avaada Group is seeking to raise about $800 million through a mix of offshore loans and local bonds to refinance existing debt from Brookfield Asset Management, multiple people aware of the matter told ET.
DBS Bank, MUFG, Nomura Holdings, Standard Chartered, JPMorgan Chase, Verdafin Capital and Barclays are helping arrange the funds, said the people cited above.
The refinancing is aimed at lowering finance costs ahead of the group’s planned public market listing.
The proposed fundraising is expected to be split almost equally between offshore borrowings under the central bank’s external commercial borrowing (ECB) route and domestic non-convertible debentures (NCDs), sources said.
Spokespersons of DBS Bank, Barclays…