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GMR, Temasek and IDFC Alternatives-led consortium of investors, IDFC Consortium, has agreed to restructure its existing investment in GMR Energy Ltd (GEL).
These investors had invested Rs. 1,395 crore in compulsorily convertible preference shares (CCPS) in GEL in 2010.
GMR group and the investors have now agreed to restructure the terms taking into account the interest of both the parties.
GMR Infrastructure Ltd, subject to satisfaction of conditions precedent, will issue CCPS worth Rs. 788.8 crore to Temasek and Rs. 347.8 crore to the IDFC Consortium through a preferential allotment.
The residual investment of the investors in GEL will continue. Commenting on the arrangement, GMR Group Chairman GM Rao said, “This is the culmination of the long-term partnership with the investors and demonstrates their confidence in the Group. We are confident that together with the support from the investors, we will build a strong energy portfolio”.
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