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CG Power, Tube Investments of India Ltd and lenders enter into binding agreements for restructuring of debt

Posted On: 2020-11-21 23:15:06

Tube Investments of India Limited had earlier announced the acquisition of controlling interest in M/s. CG Power and Industrial Solutions Limited ("CG Power") by the Company is subject to satisfactory fulfilment of conditions precedents contained in Securities Subscription Agreement dated 7th August 2020, as amended ("SSA") entered between the Company and CG Power.

The conditions precedent of the SSA inter alia included a condition that the lenders of CG Power ("Lenders") accept one time settlement and restructure the funded facilities and guaranteed debt in accordance with the terms of the binding offer made by the Company to CG Power and the Lenders in a manner that is mutually acceptable.

The Letter of Intent ("LOI") dated 28th August 2020 was issued by the Lead Bank on behalf of all the Lenders and the Letter of Acknowledgement ("LOA") dated 28th October 2020 issued by the Company as an acceptance to LOI. CG Power, the Company and the Lenders have now executed the requisite binding agreements dated 20th November 2020 for one time settlement and restructuring of funded facilities and guaranteed debt of CG Power.

The said settlement is in accordance with, and subject to fulfilment of various terms and conditions and payment obligations set out under the Master Implementation cum Compromise Settlement Agreement ("Agreement") against the total amount owed by CG Power to the Lenders which includes:

- Compromise settlement by making an upfront payment of Rs. 650 Crores (Rupees Six Hundred and Fifty Crores) to Lenders.

- Conversion of Rs. 200 Crores (Rupees Two Hundred Crores) out of the balance fund based facilities into unrated, unsecured, unlisted, non-convertible debentures having a tenure of 5 (five) years to be issued by CG Power to the Lenders.

- Payment to the Lenders out of the proceeds from sale of CG House property on best efforts and as is where is basis, within a period of 5 (five) years from the date of Agreement.

- Transfer/replacement of non-fund based facilities of the Lenders to non-consortium lenders or CG Power procuring and submitting counter guarantees for the same.

Shares of CG Power and Industrial Solutions Ltd was last trading in BSE at Rs.34.3 as compared to the previous close of Rs. 35.3. The total number of shares traded during the day was 551089 in over 1708 trades.

The stock hit an intraday high of Rs. 35.95 and intraday low of 34. The net turnover during the day was Rs. 19018693.

Shares of Tube Investments of India Ltd was last trading in BSE at Rs.787.7 as compared to the previous close of Rs. 765.5. The total number of shares traded during the day was 8483 in over 1315 trades.

The stock hit an intraday high of Rs. 794 and intraday low of 755. The net turnover during the day was Rs. 6597023.

Source: Equity Bulls

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