RattanIndia Power has informed the exchanges that pursuant to the meeting of the Joint Lenders Forum (JLF) of the consortium lenders with regard to the financial stress faced by Amravati thermal power plant, lenders have proposed a Correction Action Plan as part of which a Scheme for Sustainable Structuring of Stressed Assets (S4A) may be carried out keeping August 24, 2017 as the reference day (since the meeting was held on this date) in line with the relevant conditions/ guidelines/ regulations imposed/ issued by the RBI from time to time in this regard. Accordingly, a Resolution Plan will be prepared within 180 days from the reference date. Under S4A, among other measures, a portion of the sustainable debt will be determined considering long-term viability of the plant based on existing revenue streams and operating and fixed costs. Such sustainable portion of the debt will then be converted into equity/ structured instruments thereby reducing the fixed cost burden (in terms of interest and repayment) on the project, the company’s communiqué to the exchanges said.
Phoenix Lamps has informed the exchanges that the company has fixed September 13 as the record date for the purpose of issue and allotment of equity shares to the minority shareholders of Phoenix Lamps (transferor company), in the capital of Suprajit Engineering (transferee company), and entitlement of dividend thereof, pursuant to the scheme of amalgamation approved by the Hon’ble National Company Law Tribunal (NCLT), Bengaluru Bench.