GMR Chhattisgarh Energy (GCEL), a subsidiary of GMR Infrastructure (GIL) has announced that the consortium of lenders of GCEL have adopted Strategic Debt Restructuring Plan (SDR), as provided under the scheme permitted by the RBI. Accordingly, GCEL has allotted equity shares to all the lenders.

As per the SDR scheme, out of the total outstanding debt (including accrued interest) of Rs 88 billion, debt to the extent of Rs 29.92 billion has been converted into equity by which the consortium lenders would have 52.4% shareholding and balance 47.6% would be held by GMR.

Post the conversion, the balance project debt stands at Rs 58 billion with Rs 29.92 billion equity held by lenders and Rs 27.21 billion equity held by GMR Group, resulting in the debt-to-equity ratio of 1.0x. The lower debt levels would result in improving the long term viability of the project.

Shares of the company gained Rs 0.24, or 1.61%, to trade at Rs 15.12. The total volume of shares traded was 114,415 at the BSE (9.35 a.m., Monday).