Power News We love to talk!
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”.
- Worlds first 2 mm tempered solar glass facility opens in Bharuch Read more
- Suzlon Energy redeems FCCBs of $28.8 million Read more
- Renewable energy tie-ups Read more
- Japans foreign aid arm plans to finance India solar power parks Read more
- Oil ministry will overhaul exploration policy: Dharmendra Pradhan Read more
- Tata Power-DDL launches energy efficient LED lights, fans scheme for customers Read more
- Sweden sees big energy opportunities in India Read more
- International Solar Alliance: Indias brainchild to take off during French presidents visit in December Read more
- Govt plans to ease coal usage rules in bid to improve supply Read more
- Poland and Romania to join CZ-SK-HU Market Coupling Read more