Lenders of GMR Rajahmundry Energy, an arm of GMR Infrastructure, have acquired 55 per cent stake in the company after debt restructuring.
GMR Infrastructure in a filing to the BSE said, "The consortium of lenders of GREL (GMR Rajahmundry Energy) have adopted the Strategic Debt Restructuring Plan (SDR), as provided under the scheme permitted by the RBI.
"Accordingly, the company in its meeting held today has issued equity shares proportionately to all the lenders."
As per the scheme, out of total outstanding of Rs 3,780 crore, debt of Rs 1,414 crore has been converted into equity by which the consortium lenders would have 55 per cent shareholding and balance 45 per cent would be held by GMR, the filing said.
"Post conversion, balance debt of around Rs 2,366 cr would be having repayment period of 20.5 years... Interest rate of 10.75 per cent. After SDR, the total equity in the project would be Rs 2,571 crore resulting in the debt-to-equity ratio of 0.9x," it said.
The lower debt levels coupled with reduction in interest cost would result in improving the long-term viability of the project, the company said.
GREL is a 768 mw (2x384 MW) natural gas-based power plant in district Rajahmundry, Andhra Pradesh.
Though the project was completed in 2012, the commissioning of the project was delayed due to unavailability of gas supply on account of unprecedented fall in gas production in KG-D6 basin which led to cost over-runs. The project was fully commissioned in October 2015.
