Devdiscourse
Development News Edition
Give Feedback
write for Us

RattanIndia approves debt restructuring proposal including NCD worth up to Rs 7,200 cr


Devdiscourse News Desk new delhi India
Updated: 05-02-2019 19:31 IST
RattanIndia approves debt restructuring proposal including NCD worth up to Rs 7,200 cr

It would also issue 25 crore Cumulative Redeemable Preference Shares at face value of Rs 10 each fully paid-up (aggregating up to Rs 250 crore) to the PFC-led consortium of lenders in relation to the 1,350-MW thermal power project.

RattanIndia Power said on Tuesday that its board has approved a debt restructuring proposal which includes issuance of non-convertible debentures worth up to Rs 7,200 crore to investors on a private placement basis. "In accordance with the terms of the Binding Settlement Proposal, the Board in this meeting approved (steps) with respect to composite debt restructuring proposal," a company statement said.

The company will issue non-convertible debentures to investors on private placement basis during a period of one year from the date of receipt of approval from shareholders in one or more tranches for an aggregate value of up to Rs 7,200 crore. It would also issue 25 crore Cumulative Redeemable Preference Shares at face value of Rs 10 each fully paid-up (aggregating up to Rs 250 crore) to the PFC-led consortium of lenders in relation to the 1,350-MW thermal power project at Amravati, Maharashtra for conversion of a portion of loan facilities availed by the company from the lenders.

The board has also decided to issue up to 34 crore equity shares at an issue price of Rs 10 each (which is 2.75 times more than the floor price of Rs 3.64 per share) and 29.27 crore compulsorily convertible debentures at face value of Rs 10 each for an amount not exceeding Rs 292.77 crore to certain promoters/promoter group entities upon conversion of certain existing inter-corporate deposits.

The board also decided to reclassify the extent authorised share capital structure of the company of Rs 5,000 crore divided into 500 crore equity shares having face value of Rs 10 each to the extent of Rs 250 crore such that post such reclassification the authorised capital of the company will comprise Rs 4,750 crore divided into 475 equity shares of face value Rs 10 each and Rs 250 crore divided into 25 crore Preference Shares of face value of Rs 10 each.

The company said the board also decided to convene an extraordinary general meeting of the shareholders of the company on March 1, 2019. The steps would be taken after the approval of the shareholders. The existing fund based bank debt (including accrued interest) of the company as on December 31, 2018, is Rs 8,074.54 crore, it added.

(With inputs from agencies.)

COUNTRY : India

POST A COMMENT