Saturday , October 16 2021

GMR Infrastructure’s associate company executes resolution plan with GREL Lenders

GMR Infrastructure’s (GIL) Associate Company — GMR Rajahmundry Energy (GREL) has executed bilateral Resolution plan with GREL Lenders. The key features of the Resolution Plan such as the existing Debt of Rs 2,353 crore has been brought down to a Sustainable Debt of Rs 1,412 crore.

Against above Sustainable debt of Rs 1,412 crore, GMR Group has already infused an amount of Rs. 395 crore towards meeting 20% of Principal towards repayment of the Sustainable Debt and the interest servicing obligations of GREL for the first year. This leaves balance outstanding Sustainable debt of Rs 1,130 crore carrying a floating rate of 9% p.a. repayable over 20 years.

The Balance Debt of Rs 941 crore has been converted into Long Dated Cumulative Redeemable Preference Shares (CRPS) carrying 0.1% which is repayable from 17th to the 20th year.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.

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