GMR Rajahmundry Energy successfully executes Resolution Plan

On 03 May 2019

May 03, 2019 05:05 IST capital market

GMR Infrastructure Ltd (GIL), is pleased to announce execution of a bilateral Resolution plan between its Associate Company, GMR Rajahmundry Energy Ltd. (GREL) & the GREL Lenders. The key features of the Resolution Plan are: > The Resolution Plan has been approved by 100% of Lenders > The existing Debt of Rs. 2353 crore has been brought down to a Sustainable Debt of Rs. 1412 crores > Against above sustainable debt of Rs 1412.Crs, GMR Group has already infused an amount of Rs. 395 crore towards meeting 20% of principal 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 1130 crs carrying a floating rate of 9.% p.a 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% which is repayable from 17th to the 20th year.

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