Mumbai Metro One (MMOPL), subsidiary of Reliance Infrastructure has completed the refinancing of project borrowings of Rs 16.50 billion, achieving substantial benefits through extension of maturity and reduction of interest costs.

With this refinancing, the final repayment of Rs 16.50 billion on the loans has been extended to the year 2037, almost 22 years from date, thereby enhancing financial flexibility for the company.

The interest rate stands reduced from 13% to 11.75% per annum.

The average maturity period of loans has now almost doubled to 14 years.

Shares of the company declined Rs 15.3, or 4.08%, to trade at Rs 359.90. The total volume of shares traded was 297,098 at the BSE (2.55 p.m., Thursday).