HYDERABAD, Feb 27: GMR Chhattisgarh Energy Limited (GCEL), a subsidiary of GMR Infrastructure Limited (GIL) today said that the consortium of lenders of GCEL have adopted Strategic Debt Restructuring Plan (SDR), as provided under the scheme permitted by the RBI.
According to a statement issued by GMR, GCEL has allotted equity 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 has been converted into equity by which the consortium lenders would have 52.4 per cent shareholding and balance 47.6 per cent would be held by GMR,” GMR said.
Post the 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 GMR Group, resulting in the debt-to-equity ratio of 1.0x. The lower debt levels would result in improving the long term viability of the project, it said.
Fully commissioned in March 2016, GCEL is a 1,370 MW (2×685 MW) coal based Power Plant at Tilda in ,Chhattisgarh. The project has long term fuel security in the form of two captive coal blocks and is currently operating under short term PPAs through exchange and bilateral routes. (AGENCIES)
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