JSW Energy to restructure JPVL debt

JSW Energy has entered into an agreement with Jaiprakash Power Ventures Limited (JPVL) to restructure debt of Rs 752 crore.

As a part of this agreement, Rs 351.77 crore will be converted into equity shares of the financially troubled JPVL at par value of Rs.10 each, the Sajjan Jindal-led company said in a filing to the exchanges. Out of the balance outstanding principal amount of Rs.400 crore, Rs.280 crore will be written off and Rs.120 crore will be debt that JPVL will have pay to JSW Energy. This will be done on a quarterly and priority basis, out of the available cash flows after JPVL has paid 10 per cent of the restructured debt to its secured lenders, the filing added.