GMR Chhattisgarh Energy completes SDR, allots shares to lenders

New Delhi: GMR Infrastructure on Monday said its subsidiary GMR Chhattisgarh Energy Ltd has completed strategic debt restructuring plan (SDR) by allotting shares to all the lenders in question.

“GMR Chhattisgarh Energy Ltd (GCEL), a subsidiary of GMR Infrastructure Ltd (GIL), has announced that the consortium of lenders of GCEL has adopted strategic debt restructuring plan (SDR), as provided under the scheme permitted by the RBI,” GMR Infrastructure said in a BSE filing.

Elaborating, GMR said, “Accordingly, GCEL has allotted shares to all the lenders. As per the SDR scheme, out of the total outstanding debt (including accrued interest) of Rs8,800 crore, debt to the extent of Rs2,992 crore have been converted into equity by which the consortium lenders would have 52.4% shareholding and the balance 47.6% would be held by GMR.”

Post conversion, the balance project debt stands at Rs5,800 crore with Rs2,992 crore equity held by lenders and Rs2,721 crore equity held by the GMR Group, resulting in the debt-to-equity ratio of 1.0x.

“The lower debt levels would result in improving the long-term viability of the project,” the company added. The stock of GMR Infrastructure was trading 4.91% higher at Rs15.61 on BSE.