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Gayatri Projects Ltd.

BSE: 532767 Sector: Infrastructure
NSE: GAYAPROJ ISIN Code: INE336H01023
BSE 00:00 | 24 Apr 2020 Gayatri Projects Ltd
NSE 05:30 | 01 Jan 1970 Gayatri Projects Ltd

Announcement Under Regulation 30 - Debt Resolution Plan And Signing Of Inter-Creditor Agreement (ICA

March 24, 2020, 12:08 pm | Source: BSE

1. GPL has proposed a resolution plan to the lending consortium which essentially involves repaying most of its term debt (1/3rd of Gross Debt) in order to drastically reduce its monthly debt service obligations and bring it significantly below normal operating cashflows of the business. Key elements of the plan are as mentioned in the attachment.

As a part of the resolution process the lending consortium has signed an Inter-Creditor Agreement (ICA) effective March 21 2020 under The Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Direction 2019. The ICA will facilitate a smoother resolution process under the leadership of Bank of Baroda. It will also protect company from any coercive action therefore ensuring smooth conduct of business.