Murugappa Group indicators settlement for settling CG Energy’s dues, mortgage recast
CG energy’s promoter Murugappa Group has signed a definitive settlement for settlement of lender dues and restructuring.
On November 21, TII knowledgeable the inventory exchanges concerning the execution of requisite binding agreements, together with Grasp Implementation-Cum-Compromise Settlement Settlement (Settlement) dated November 20, by CG Energy, the Firm and the lenders of CG Energy, for one-time settlement and restructuring of funded services and assured debt of CG Energy.
TII knowledgeable the BSE at this time that pursuant to the phrases and circumstances of the settlement, CG Energy’s decision of excellent obligation in direction of its lenders, in accordance with the phrases set out in Reserve Financial institution of India (Prudential Framework for Burdened Asset) Instructions, 2019, has been accomplished by cost of the upfront consideration of Rs 650 crore to the Lenders as compromise settlement.
A counter assure has additionally been submitted for non-fund based mostly services prolonged by the lenders to CG Energy, and in direction of issuance of five-year unrated, unsecured, unlisted, non-convertible debentures aggregating to Rs 200 crore.
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