{"id":272845,"date":"2019-05-04T05:46:39","date_gmt":"2019-05-04T05:46:39","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=272845"},"modified":"2019-05-04T05:46:39","modified_gmt":"2019-05-04T05:46:39","slug":"gmr-rajahmundry-achieves-resolution-plan-for-rs-2353-crore-debt-with-lenders","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/gmr-rajahmundry-achieves-resolution-plan-for-rs-2353-crore-debt-with-lenders\/","title":{"rendered":"GMR Rajahmundry achieves resolution plan for Rs 2,353-crore debt with lenders"},"content":{"rendered":"<p>GMR Group\u2019s debt-laden 768 MW gas-based Rajahmundry power plant in Andhra Pradesh has achieved a resolution plan with the IDBI Bank-led consortium of lenders for payment of `2,353 crore debt.<\/p>\n<p>Lenders holding majority 55% stake in Rajahmundry Energy, a subsidiary of GMR Infrastructure, have agreed to a payment plan where `1,130 crore will be paid at 9% rate of interest over the next 20 years, while `941 crore has been converted into cumulative reedemable preference shares at 0.1% repayable from 17th to 20th year.<br \/>\n\u201cGMR Group has already infused an amount of `395 crore towards meeting 20% of principal towards repayment of the sustainable debt and the interest servicing obligations of GMR Rajamundry Energy (GREL) for the first year,\u201d the company said.<\/p>\n<p>The consortium of lenders in 2017 agreed to convert part of their debt into equity raising their stake to 55%, while promoters stake reduced to 45%. In January 2018, lenders had also invited bids to sell their 55% stake in the power plant but it did not elicit good response from bidders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GMR Group\u2019s debt-laden 768 MW gas-based Rajahmundry power plant in Andhra Pradesh has achieved a resolution plan with the IDBI Bank-led consortium of lenders for payment of `2,353 crore debt. Lenders holding majority 55% stake in Rajahmundry Energy, a subsidiary of GMR Infrastructure, have agreed to a payment plan where `1,130 crore will be paid at 9% rate of interest over the next 20 years, while `941 crore has been converted into cumulative reedemable preference shares at 0.1% repayable from 17th to 20th year. \u201cGMR Group has already infused an amount of `395 crore towards meeting 20% of principal towards [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-272845","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/272845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=272845"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/272845\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=272845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=272845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=272845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}