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Last Updated : Feb 27, 2017 01:19 PM IST | Source: PTI

GMR Chhattisgarh Energy completes SDR, allots shares

"GMR Chhattisgarh Energy Ltd (GCEL), a subsidiary of GMR Infrastructure Ltd (GIL), has announced that the consortium of lenders of GCEL has adopted strategic debt restructuring plan (SDR), as provided under the scheme permitted by the RBI," GMR Infrastructure said in a BSE filing.

 
 
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GMR Infrastructure today said its subsidiary GMR Chhattisgarh Energy Ltd has completed strategic debt restructuring plan (SDR) by allotting shares to all the lenders in question.


"GMR Chhattisgarh Energy Ltd (GCEL), a subsidiary of GMR Infrastructure Ltd (GIL), has announced that the consortium of lenders of GCEL has adopted strategic debt restructuring plan (SDR), as provided under the scheme permitted by the RBI," GMR Infrastructure said in a BSE filing.


Elaborating, GMR said, "Accordingly, GCEL has allotted shares to all the lenders. As per the SDR scheme, out of the total outstanding debt (including accrued interest) of Rs 8,800 crore, debt to the extent of Rs 2,992 crore have been converted into equity by which the consortium lenders would have 52.4 percent shareholding and the balance 47.6 percent would be held by GMR."

Post conversion, the balance project debt stands at Rs 5,800 crore with Rs 2,992 crore equity held by lenders and Rs 2,721 crore equity held by the GMR Group, resulting in the debt-to-equity ratio of 1.0x.

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"The lower debt levels would result in improving the long-term viability of the project," the company added.

The stock of GMR Infrastructure was trading 4.91 percent higher at Rs 15.61 on BSE.



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First Published on Feb 27, 2017 01:16 pm
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