Lenders of Jaiprakash Power to invoke SDR

By: | Published: July 27, 2016 6:14 AM

The company’s gross debt stood at Rs 22,415 crore in FY16 and it reported a net loss of Rs 278 crore on Rs 4,103 crore revenues during the same period.

Jaiprakash Power Ventures (JPVL) on Tuesday said its lenders have decided to convert the debt into equity by using Reserve Bank of India’s strategic debt restructuring (SDR) norms.

The company’s gross debt stood at Rs 22,415 crore in FY16 and it reported a net loss of Rs 278 crore on Rs 4,103 crore revenues during the same period.

Interest costs increased 14% in the previous fiscal to Rs 2,499 crore.

In a regulatory filing, the company said the meeting of the joint lenders forum (JLF), held to review the progress made so far on the corrective action plan, has recommended SDR taking July 25, 2016, as the reference date.

Bankers to JPVL include State Bank of India and its subsidiaries, Bank of India, Canara Bank, Punjab National Bank (PNB), IDBI Bank, ICICI Bank, UCO Bank, Union Bank of India and Central Bank of India, among others.

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