A consortium of lenders has converted debt to the extent of ₹2,992 crore in GMR Chhattisgarh Energy Ltd. into equity shares under a Strategic Debt Restructuring (SDR) plan. Consequently, the consortium would have a shareholding of 52.4% in GCEL while the balance 47.6% would be held by GMR.
The balance project debt, after the conversion, is ₹5,800 crore. Prior to the SDR, the total outstanding debt, including accrued interest, of the subsidiary of GMR Infrastructure Ltd. was ₹8,800 crore. The lower debt levels resulting from the restructuring, undertaken under a scheme permitted by the Reserve Bank of India, would result in improving the long-term viability of the project, a GMR release on Monday said.
