Total debt reduced by Rs 2376 crore on successful completion of assignment / transfer of actionable claims / asset
Patel Engineering announced the successful completion of assignment / transfer of actionable claims / asset and implementation of S4A scheme.The company has successfully completed the assignment of transfer of actionable claims and asset with corresponding debts valuing approx. Rs 2000 crore from its books to its wholly owned subsidiary - Hitodi Infrastructure whose 51% equity have been taken over by an Eight Capital Group Entity and change of management has been affected.
Lodha Developers has acquired 100% equity of wholly owned subsidiary - Patel Land Developers to whom the Company has transferred 5 acres of Jogeshwari property along with corresponding liability and debt of Rs 376 crore, out of which Rs 51 crore has been infused by Lodha and paid by PLDL to the Company as part discharge of the said debt.
With the above transactions, the total debt of the Company has been reduced by approx. Rs 2376 crore.
The Company has successfully implemented the S4A Scheme, subsequent to which debt has been converted to Optionally Convertible Debentures of value aggregating to Rs 688.54 crore.
As part of the scheme, the promoters of the Company have infused Rs 75 crore as interest free unsecured loan by raising loan against pledge of their share aggregating to 13.37% of the total equity share capital of the Company.
The promoters have also pledged share held by them to the extent of 10% of the total equity share capital to a trustee appointed by the lenders out of the which pledge on shares equivalent to 3.93% of the total equity capital of the Company has been invoked and credited to the lenders as part of the said S4A Scheme.
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