IDBI-led consortium offers 55 per cent stake in GMR Energy’s Rajahmundry project

A consortium of lenders led by IDBI Bank has put on sale a 55 per cent stake in the GMR-built gas-based power project at Rajahmundry in Andhra Pradesh, which the lenders had acquired last year following debt restructuring by the company. In 2016, the lenders had converted a part of their debt in GMR Rajahmundry Energy (that operates a 768 MW natural gas-based plant) into equity. Following the conversion, lenders received a 55 per cent stake in the project while the promoter holding was reduced to 45 per cent. The project still has a debt of Rs 23.66 billion.