RattanIndia Power Limited has raised a loan of ₹1,114 crore in a transaction led by Kotak Mahindra Bank, said the leading thermal power company in a regulatory filing to the stock exchanges on June 25. In its statement, the company said that in December 2019, it had reached a resolution with its previous lenders regarding the 1,350 MW Amravati Thermal Power Plant.
The loans from Indian banks and financial institutions were taken over by international financial institutions, including Goldman Sachs and Varde Partners, through Aditya Birla ARC. As part of the resolution, both sets of lenders, outgoing and incoming, received a 15 per cent equity stake each.
Also Read: Kotak funds invest ₹732 crore in RattanIndia Power
Since December 2019, RattanIndia Power Ltd. has repaid an amount of Rs. 3,371 crore over last three and a half years to the international financial institutions, out of which Rs. 988 crore was prepayment.
With the current move, RattanIndia Power has ‘’raised fresh loan of Rs. 1,114 crore in a transaction led by Kotak Mahindra Bank and has fully repaid the balance senior debt to the foreign financial institutions,” as per the statement.
‘’The company’s operational performance remains strong with average EBITDA exceeding ₹1,000 crore per annum since commissioning over the last eight years,” said RattanIndia Power.
1,350 MW Amravati Power Plant has full power purchase agreement (PPA) with Maharashtra discom Maharashtra State Electricity Distribution Company (MSEDL) and full coal linkage with BSE-S0003044″ data-name=”Coal India”>Coal India subsidiary South Eastern Coalfields Ltd, according to RattanIndia Power’s statement.
“Electricity will be a cornerstone for India’s economic growth over the years to come…Amravati Power Plant has been consistently performing for the last eight years with robust cash flows,” said Rajiv Rattan, Chairman of RattanIndia Power.
With an installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location), RattanIndia Power is one of India’s largest private power generation companies, with investments of Rs. 18,615 crore. It is also one of the few private sector thermal power generators supplying power to MSEDL.
On June 23, shares of RattanIndia Power settled 0.65 per cent higher at ₹4.68 apiece on the BSE.
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Updated: 25 Jun 2023, 07:17 PM IST