Well, almost all stories towards the end of the year have to revolve around the pandemic, and the story of Hyderabad Metro Rail is no different. After heavy losses due to COVID, Metro Rail, run by L&T, has sought financial aid in the form of a soft loan from the state government. However, even before the government could take any steps, L&T managed to raise a record Rs 13,119 crore in one day.
Regarding the same, L&T released three different bond papers. Each bond paper was worth Rs 2872 crore, and in this way, it managed to secure Rs 8616 crore. The rest of the amount was got through commercial papers for which the State Bank of India acted as a partner. While the interest for bond shares ranges between 6.38% and 6.68%, the maturity dates were disclosed as three years, four months, four years, four months, and five years and four months, respectively.
Given that Hyderabad has been witnessing immense growth potential, it made the task easier for L&T, which did not have to wait for the state government’s decision.
Meanwhile, Hyderabad Metro Rail Limited (HRML) got into a partnership with Rapido, a bike taxi service, for the convenience of commuters to improve last-mile connectivity. HMR managing director NVS Reddy shared that the bike taxi service will be provided at all metro stations.
Readers also need to note that the timings of Metro Rail have been changed to suit the requirement of commuters.