GMR Warora Energy Limited (GWEL) is subsidiary of GMR Energy Limited (GEL) and a st" />
GMR Warora Energy Limited (GWEL) is subsidiary of GMR Energy Limited (GEL) and a st" />
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GMR Infrastructure Ltd clarifies on rating downgrade of GMR Warora Energy Limited

Posted On: 2019-06-04 23:08:46

GMR Infrastructure Ltd has clarified in reference to the news article titled "GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans".

GMR Warora Energy Limited (GWEL) is subsidiary of GMR Energy Limited (GEL) and a step down subsidiary of GMR Infrastructure Limited (GIL).

The loans availed by GWEL (in the form of bank facilities and NCDs) are rated by credit rating agencies which conduct their rating surveillance on periodic basis. Although the entire power sector is facing the problem of delayed recovery of dues from Power Distribution Companies (DISCOMS), GWEL has been regular in servicing its debt obligations since April 2017, including repayment of quarterly principal installments which commenced in June 2016. DISCOMS have been delaying the payment of normal and regulatory dues to GWEL against energy supplied by GWEL in terms of the Power Purchase Agreements. Owing to theses major accumulation of receivables from DISCOMS (with total receivables exceeding 5 months of turnover) there is a temporary delay in servicing of debt obligations.

Accordingly, CARE Ratings has reviewed the ratings assigned to GWEL debt instruments and revised the rating to "D" for bank facilities and to "C" for non-convertible debentures, vide their letter dated 24th May, 2019. GWEL is working towards regularising the account at an early date.

GWEL is pursuing with DISCOMS for early recovery of dues so that that the overdue position to the lenders can be regularized which we hope to be doing at the earliest.

Shares of GMR INFRASTRUCTURE LTD. was last trading in BSE at Rs.15.3 as compared to the previous close of Rs. 15.45. The total number of shares traded during the day was 692114 in over 677 trades.

The stock hit an intraday high of Rs. 15.65 and intraday low of 15.25. The net turnover during the day was Rs. 10670008.


Source: Equity Bulls

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