GMR Infrastructure shines on SDR completion of GCEL
DSIJ Intelligence / 27 Feb 2017
GMR Infrastructure has completed strategic debt restructuring (SDR) of GMR Chhattisgarh Energy Limited (GCEL). The company’s project was commissioned in March 2016 and is operating under short term power purchase agreements (PPAs).
GMR Infrastructure has completed strategic debt restructuring (SDR) of GMR Chhattisgarh Energy Limited (GCEL). The company’s project was commissioned in March 2016 and is operating under short term power purchase agreements (PPAs).
The company has adopted the process of SDR by its lenders for improvement of the project's long term validity due to long term debt levels. The company has gone through process of SDR approved by the Reserve Bank of India (RBI).
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. Accordingly, GCEL has allotted equity shares to all the lenders. The consortium lenders would have 52.4 per cent shareholding and the remaining 47.6 per cent would be held by GMR.
After SDR, the balance project debt of the company 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 1x.
The share price of GMR Infrastructure increased 2.08 per cent and is trading at Rs 15.1 in an intraday basis.
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