Jaiprakash Power allots 305.8 crore shares to lenders under SDR scheme

In a BSE filing on February 18, 2017, Jaiprakash Power said, "We wish to inform that upon approval of allocation of conversion of part of outstanding debt amount into equity shares amongst banks and financial institutions, the stakeholders relationship committee in its meeting, has alloted 305,80,00,000 equity shares of Rs 10 each at a price of Rs 10 per share to its lenders pursuant to implementation of SDR."

Jaiprakash Power outstanding debt that has been converted into equity shares was valued at Rs 3058 crore. Photo: Pixabay

Jaiprakash Power Venture has alloted 305.8 crore equity shares to its lenders pursuant to implementation of the Reserve Bank of India's (RBI) strategic debt restructuring (SDR) scheme.

In a BSE filing on February 18, 2017, Jaiprakash Power said, "We wish to inform that upon approval of allocation of conversion of part of outstanding debt amount into equity shares amongst banks and financial institutions, the stakeholders relationship committee in its meeting, has alloted 305,80,00,000 equity shares of Rs 10 each at a price of Rs 10 per share to its lenders pursuant to implementation of SDR."

The company's outstanding debt that has been converted into equity shares was valued at Rs 3058 crore.

A total of 23 lenders were alloted with equity shares. Among which - ICICI Bank was allotted the highest, nearly 81.45 crore equity shares. While IDBI Bank, Punjab National Bank, Central Bank of India and State Bank of India were alloted with 32.30 crore shares, 26.42 crore shares, 25.14 crore shares and 21 crore shares respectively.

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Other lenders to whom Jaiprakash Power alloted shares were - United Bank of India (13.80 crore shares), Canara Bank (9.71 crore shares), Oriental Bank of Commercer (8.70 crore share), Bank of Baroda (6.85 crore shares), Corporation Bank (6.21 crore shares), Syndicate Bank (7 crore shares), UCO Bank (8.44 crore shares), IDFC Bank (9 crore shares), Indian Overseas Bank (4.70 crore shares), Allahabad Bank (3.50 crore shares), Bank of Maharashtra (3.06 crore shares), Jammu & Kashmir Bank (2.70 crore shares), Bank of India (1.37 crore shares).

SBI's associates were also in the list of lenders - State Bank of Patiala (10.60 crore shares), State Bank of Hyderabad (8.85 crore shares), State Bank of Bikaner & Jaipur (5.91 crore shares) and State Bank of Travancore with 70 lakh shares.

Going ahead, Jaiprakash Power also alloted LIC of India with nearly 8.39 crore shares against its outstanding debt.

Jaiprakash Power said, "Subsequent to allotment of equity shares, these lenders shall collectively hold 51% of post issue equity share capital and accordingly the outstanding loan amount of the company would stand reduced by the equivalent amount i.e. Rs 3058 crore,"

On 11 February, JPVL had informed that it has received shareholders’ nod through postal and electronic ballot for debt restructuring.

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