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Sajjan Jindal's JSW Energy inks pact to restructure Rs 752 cr debt on JPVL

Under the pact, an amount of Rs 351.77 crore will be converted into equity shares of JPVL with a face value of Rs 10 each and Rs 280 crore will be written off, JSW Energy said in a BSE filing

Press Trust of India  |  New Delhi 

The reliefs and concessions sought by JSW were part of the committee of creditors approved resolution plan
Sajjan Jindal-led JSW Energy Ltd (JEL) said it has already made a provision for Rs 574.19 crore in March quarter 2018 for restructuring of the debt.

on Thursday said it has entered into a pact with Ltd (JPVL) to restructure outstanding debt of Rs 751.77 crore owed to the company.

Under the pact, an amount of Rs 351.77 crore will be converted into equity shares of with a face value of Rs 10 each and Rs 280 crore will be written off, said in a filing.

"Out of the balance outstanding principal amount of Rs 400 crore, Rs 280 crore to be written off and Rs 120 crore to continue as debt to be paid by to the company, quarterly on priority basis, out of the available cash flows after has paid 10 per cent of the re-structured sustainable debt to its secured lenders," the filing added.

Sajjan Jindal-led Ltd (JEL) said it has already made a provision for Rs 574.19 crore in March quarter 2018 for restructuring of the debt.

"Further, JPVL and the company have agreed to waive their respective rights to receive any payments from each other and unconditionally release each other from all liabilities in relation to the Securities Purchase Agreement dated November 16, 2014 for transfer of Karcham and Baspa hydro assets from JPVL to the Company," it added.

This will result in reversal of an amount of Rs 177.48 crore of liabilities payable to JPVL in JEL's books, it said.

First Published: Thu, January 02 2020. 19:15 IST
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