CG Power and Industrial Solutions on Tuesday announced that its current debt payment default, which also includes interest payment, amounts to Rs 1,023 crore. Of the total, the interest component is of Rs 150 crore, CG Power said in a regulatory filing. The total debt payment default also includes Rs 873 crore principal as of June 30, it added. Disclosure of defaults on payment of interest or repayment of principal amount on loans from banks or financial institutions for the quarter ended June was made in accordance with the Securities & Exchange Board of India (SEBI) guidelines.
Axis Bank, Yes Bank, ICICI Bank, Barclays Bank, IndusInd Bank, Bank of India, Aditya Birla Finance are among the lenders that issued the debt including fund-based working capital, non fund-based working capital and term loans to the company.
The total outstanding borrowings of the firm from banks or financial institutions are at Rs 3,024 crore. It includes a term loan of Rs 1,375 crore. These all are tentative numbers which are subject to confirmation from lenders, it also said in the exchange filing. The outstanding debt facilities from various lenders are inclusive of interest and does not include penal interest.
Shares of CG Power ended the intraday trade at Rs 10.75, up 0.50 points, or 4.88 per cent on NSE.
Meanwhile,the company reported widening of its consolidated net loss to Rs 288.06 crore for the quarter ended March 2020. Its net loss stood at Rs 189.23 crore in the same period last year. Total income fell to Rs 636.67 crore as compared to Rs 2,005.84 crore earlier. "In view of the uncertainties regarding the extent and duration of the current COVID situation, the Group is not able to predict the future impact on the business operations," CG Power had said.Also read: TikTok ban kills love between brands and micro influencers, but 'picture abhi baaki hai'
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today