GMR Infrastructure Ltd. rose as much as 5.3 percent after it announced that the consortium of lenders completed the strategic debt restructuring for its unit, GMR Chhattisgarh Energy Ltd.
Of the Rs 8,800 crore total outstanding debt, Rs 2,992 crore has been converted into equity, GMR Infrastructure said in a press release. The lenders now hold 52.4 percent shareholding, and the GMR group holds the balance 47.6 percent in GMR Chhattisgarh Energy.
Post Conversion
- Project debt: Rs 5,800 crore.
- Lenders to hold Rs 2,992 crore equity.
- GMR group to hold Rs 2,721 crore equity.
The debt -to-equity ratio will stand at 1x, and the “lower debt levels would result in improving the long term viability of the project”, the company added.
Shares of GMR Infrastructure rose 4.36 percent to Rs 15.55 as of 9:50 a.m.
Also Read: ICICI Bank-Led Consortium Acquires Majority Stake In Jaiprakash Power Ventures
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