IFCI on Wednesday sought bids to offload its debt and equity exposure of Rs 1,670 crore to Uttarakhand-based Sravanthi Energy. The sale is being held as per the Swiss challenge method, based on an existing offer in hand worth Rs 427.50 crore for the debt and equity exposure.
IFCI’s outstanding debt exposure to the project stood at Rs 1,529.18 crore at the end of January, while the face value of its equity exposure was Rs 140.72 crore.
Phase-I of the project, with a capacity of 225 megawatts (MW), is fully operational, while Phase-II, having an equivalent capacity, is around 85% complete physically, IFCI said in a sale document.
