GMR Warora Energy Limited ('GWEL'), a stepdown subsidiary of GMR Power and Urban Infra Limited ('GPUIL'), has entered into definitive agreements with its lenders to restructure its debt by way of Resolution Plan (RP) under RBI guidelines pertaining to Prudential Framework for Resolution of Stressed Assets dated Jun 07, 2019. RP4 rating has been assigned by CRISIL and CARE Ratings to the proposed RP, which is in line with the regulatory requirements. SBI (lead bank), Axis Bank (lead bank for WC) and other lenders who signed the ICA have approved the Resolution Plan. The Resolution Plan will be effective from April 1, 2021 and will be considered implemented upon completion of the requisite actions as per RBI guidelines and the terms of the RP. As per terms of RP approved by lenders, sustainable and unsustainable debt will be repaid as per the revised repayment schedule. Existing working capital facilities of Rs. 580 cr sanctioned by the working capital consortium will continue. The interest rate on sustainable debt amounting to ~Rs.2350 cr will be revised to 8.50% p.a. (linked to MCLR) and unsustainable debt (including accrued interest) amounting to ~Rs.788 cr will carry interest rate of 0.01% p.a. The loan will be repaid progressively over a period of ~15 years, which is elongated by approx. 7 years from the existing repayment schedule.

Website Created & Maintained by : Chennai Scripts West Mambalam, Chennai - 600 033, Tamil Nadu, India