The shares of RattanIndia Power witnessed a surge of more than 19% after the company announced its debt refinancing worth Rs 1.114 crores on Saturday. The transaction was led by Kotak Mahindra Bank.
The price value of RattanIndia Power shares reached Rs 5.61 after a constant surge of 19.87%.
The company announced that in December 2019, it had reached a resolution with its previous lenders regarding the 1,350-megawatt (MW) Thermal Power Plant located in Amravati, Maharashtra. The loans released by Indian banks and financial institutions were taken up by International financial institutions such as Goldman Sachs, and Varde partners, through Aditya Birla ARC. As per the agreement, both incoming and outgoing lenders received a 15 per cent equity stake in each of the firm.
Over three and half years years since December 2019, RattanIndia Power Ltd has repaid a total amount of Rs 3,371 crore to the international financial institutions, out of which Rs 988 crore was prepayment.
RattanIndia Power said, “The company’s operational performance remains strong with average EBITDA exceeding over Rs 1,000 crore annually since commissioning over the last eight years.
With a total installed capacity of 2,700 MW thermal energy generating from power plants in Amravati and Nasik, RattanIndia Power emerges as one of the country’s largest private sector power generation companies, with investments over Rs 18,615 crore. The Amravati power plant which generates 1,350 MW energy has a full PPA with MSEDCL and adequate supply of coal from Southern Eastern Coalfields Limited.
Rajiv Rattan, Chairperson of RattanIndia Power highlighted that “electricity is the cornerstone to India’s economic growth and Amravati plant which is running constantly since eight years has been contributing to cash flows.”
The company reported losses of Rs 306.39 crore in the last quarter due to low revenues and consolidated net profit of the company was reported at Rs 39.28 crore.
