Lenders get majority stake in GMR's Chhattisgarh unit

Of the total debt of Rs 8,800 cr, debt to the extent of Rs 2,992 cr has been converted into equity

GMR Chhattisgarh Energy Ltd (GCEL), subsidiary of GMR Infrastructure Ltd (GIL), has announced the consortium of lenders of GCEL has adopted the Reserve Bank of India’s strategic debt restructuring (SDR) scheme to allot equity shares to all the lenders.

Under SDR, lenders get the right to convert the full or part of their loans into equity shares in a distressed company.

GCEL has debt (including accrued interest) of Rs 8,800 crore. Of this, Rs 2,992 crore has been converted into equity under the SDR plan, resulting in transfer of 52.4 per cent shareholding to the lenders. The balance 47.6 per cent will