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PTC India Financial services resolves stressed loan account SKS Power Generation (Chhattisgarh)

Capital Market 

PTC Financial services (PFS) has achieved resolution of one of its stressed loan account in the thermal segment namely 2x300 MW SKS Power Generation (Chhattisgarh).

The resolution was achieved under the open bidding process initiated by the Consortium Lenders lead by State Bank of India, wherein, One Time Settlement (OTS) Offer submitted by based entity emerged as the H1 Bidder.

Lenders earlier entered into definitive agreement with the Investor on 12 November 2018 and subsequently, post compliance of the condition precedents and on receipt of the OTS amounting to Rs. 137.09 crore, transaction closed on 18 March 2019.

It is also to mention that PFS had made provisioning of Rs. Rs. 204.44 crore prior to closure of the transaction.

Due to the closure of the mentioned transaction, PFS stressed loan portfolio has come down by Rs. 341.53 crore during Q4 of FY 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 10:46 IST