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GMR Rajahmundry Energy successfully executes resolution plan

Tuesday, 07 May 2019
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GMR Infrastructure (GIL) has announced the execution of a bilateral resolution plan between its associate company, GMR Rajahmundry Energy (GREL) and the GREL Lenders.

The resolution plan has been approved by 100 percent of lenders, and the existing debt of Rs 2,353 crore has been brought down to a sustainable debt of Rs 1,412 crore.

Against the above sustainable debt of Rs 1,412 crore, GMR Group has already infused an amount of Rs 395 crore towards meeting 20 percent of principal amount towards repayment of the sustainable debt and the interest servicing obligations of GREL for the first year. This leaves balance outstanding sustainable debt of Rs 1,130 crore carrying a floating rate of 9 percent per annum repayable over 20 years.

The balance debt of Rs 941 crore has been converted into long-dated cumulative redeemable preference shares (CRPS) carrying 0.1 percent which is repayable from 17th to 20th year.

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