Air India Assets Holding Limited (AIAHL), a special purpose vehicle created to partially relieve Air India of its debt liabilities, on Monday raised ₹7,000 crores to refinance its debt after a bidding process where its bond issue was fully subscribed.
The development means that AIAHL has been able to refinance nearly 25% of the ₹29,464 crore debt at a rate of 6.99%, which is lower than the interest rate Air India has been paying on its loans by 150 to 200 basis point, according to a senior Air India official.
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