Gayatri Projects Ltd (GPL) on Wednesday said it was at an advanced stage of monetising its arbitration awards worth over Rs 900 crore and stressed the proceeds would be used towards de-leveraging the firm.
"The government of India in November approved measures to fast-track the monetisation of... arbitration awards and hence GPL is now at an advanced stage of monetising its arbitration awards... the proceeds from the same would be used towards de-leveraging," the company said in a filing to BSE.
Subsequently, the company would regularise its accounts in the current quarter.
Stating that de-leveraging was the key priority for the management and the company, GPL said that it has already made significant steps towards the same.
"The company faced an unusual cash flow mis-match situation arising on account of execution delays in Q2 due to prolonged monsoon and delay in payments from state governments," the filing said.
The company has successfully monetised its stake in power assets of Sembcorp Energy India and the proceeds for the same have been used for repayment of long term debt and for easing the working capital situation to fast track execution.
The shares of the company were trading at Rs 82.70 a piece on BSE in the morning trade.
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