1. Bankers:
No Haircut
No Moratorium
No Additional Funding
Promoters Cash Contribution – Rs. 50 crores
(25 crores upfront, further 25 crores after 6 months)
Gross Debt Repayment in 3 parts -
Sustainable Debt of Rs. 500 crores repayable in 10 years with 8.1% interest.
New Equity Shares worth Rs. 40 crores(Post restructuring)
0.01% CRPS of Rs. 2961 crores (20 years)
Lenders Equity - Present – 33.45%
Post Scheme – 38.83% of New Equity Shares
NPV @ 12% - Debt - Rs. 470.91 Crs
CRPS – Rs. 280.41 Crs
Equity – Rs. 334.23 Crs
Total – Rs. 1,085.55 Crs |
2. FCCB Holders:
90% Haircut
10% conversion to New Equity Shares
3. Other Creditors:
50% Haircut
1.5% conversion to New Equity Shares
48.5% conversion to Preference Shares (20 years)
4. Equity Shareholders:
90% reduction in Capital
Both Equity & ‘B” Equity Shares of Rs. 10 consolidated as New Equity Shares of Rs. 1 each
Shareholding Structure Percentage Post Scheme:
Particulars |
Pre – Scheme |
Post - Scheme |
Lenders |
32.39% |
38.83% |
Public |
42.00% |
43.65% |
Existing Public |
42.00% |
28.57% |
FCCB holders |
- |
5.78% |
Unsecured Creditors |
- |
9.30% |
Promoters |
25.61% |
17.52% |
Total |
100.00% |
100.00% |
|
5. Other Projected Payments over next 10 years:
Salary & Wages - Rs. 500 crores
Custom Duty (at current rate) - Rs. 750 crores
GST - Rs. 700 crores
6. Continued employment to 1178 employees plus future employment to 1500 employees – Indirect employment to 10000 families currently going upto 25000 families in future.
7. Protection of investors wealth of more than 2 lac shareholders. |