GVR Infra likely to convert debt via S4A scheme
DSIJ Intelligence / 17 Mar 2017
The Chennai-based construction company, GVR Infra, burdened with a debt of Rs 2,000 crore will be able to classify 60 per cent of the total debt as sustainable under the S4A scheme.
Amidst ripe speculations of the Chennai-based construction company to get a nod from its lenders for scheme for Sustainable Structuring of Stressed Assets (S4A), the company is most likely headed for its second S4A infrastructure project after HCC.
The company burdened with a debt of Rs 2,000 crore will be able to classify 60 per cent of the total debt as sustainable under the S4A scheme.
A long list of big names in the banking sector constitute the 12-member consortium of banks having exposure to GVR's huge debt. The banks include the State Bank of India, Punjab National Bank, ICICI Bank and Axis Bank. However, the recasting of debt will enable the banks to keep a part of the debt as standard in their books.
The company's 21.43 per cent stakes as the pre-issue equity share capital is owned by IDFC PE since 2011.
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