GMR Chhattisgarh Energy completes SDR, allots shares to lenders

The consortium of lenders of GMR Chhattisgarh Energy Limited has converted the company’s debt to equity under the strategic debt restructuring scheme. Of the company’s total outstanding debt (including accrued interest) of Rs 88 billion, Rs 29.92 billion has been converted into equity under the scheme. The banks now own a majority (52.4 per cent) stake in the company. The lenders to the company include Axis Bank, Central Bank of India, ICICI Bank, IDBI Bank, United Bank of India and YES Bank.