Lenders to Jaiprakash Power Ventures Ltd have recommended invocation of Strategic Debt Restructuring (SDR) which will allow them to convert part of their debt into equity.
"Joint Lenders Forum meeting held to review the progress made so far on the Corrective Action Plan, has recommended for invocation of Strategic Debt Restructuring (SDR), taking July 25, 2016 as reference date, subject to approval of lenders," Jaiprakash Power Ventures Ltd said in a BSE filing.
In order to repay its debt, the company recently decided to sell its 500 MW Bina power plant to JSW Energy for an enterprise value of Rs 2,700 crore.
The company's consolidated total liabilities stood at Rs 28,289 crore as on March 31, 2016.
