Lenders rejig Rajahmundry Energy project debt
GMR Rajahmundry Energy Ltd has announced its strategic debt restructure with lenders taking 55 per cent of the equity as per the RBI norms. As per the scheme, of the total outstanding debt, including overdue interest of Rs.3,780 crore, debt of Rs.1,414 crore has been converted into equity by which the consortium of lenders would have 55 per cent shareholding.
After the conversion, balance debt of Rs.2,366 crore would have a repayment period of 20.5 years including a moratorium of 1.75 years and interest rate of 10.75 per cent. After the debt restructure, the project will have total equity of Rs. 2,571 crore.
Contact: GMR Group