At a joint lenders’ meeting last week, lenders approved corporate value. This will probably form the base price when seeking a bid for the power plant later this month. All lenders in the consortium must approve the price for a formal bid to be invoked.
A consortium of banks, including states, led by IDBI Bank
Earlier this year, Punjab National Bank, Canara Bank and others sought independent assessments from three different appraisers: advisory firms BDO, RBSA Advisors and Rakesh Narula & Co. Corporate value was obtained by taking the average of all three expert witnesses.
The 1200 MW thermal power plant is a rare operating plant with a fuel linkage and a power purchase contract with the UP government. This is a standard account on the bank’s books, as cash flow is unaffected even though the parent company is facing liquidation.
Parent Lanco Infratech owes more than 12,000 chlores to creditors led by Corporation (REC). However, some lenders led by IDBI Bank were responsible for the shares of Lanco Anpara as collateral for loans to the group. These lenders, who dominate the majority of power plants, are currently finding buyers to offload this stake.
“Lanco Infratech is already liquidating and has little or no chance of recovery, so lenders expect to take full advantage of the best assets available from Lanco’s stable assets, led by REC. The lender to the parent company has agreed with IDBI and others to find a buyer for this plant and collect a membership fee that is beneficial to everyone. ”
The power plant has two 600 MW units, each of which has been in operation for the past 10 years and is currently operating at 85% capacity. Based in Ampala, UP’s Sonevadora district, there is a coal tie from the northern coalfields.
“If you find a new owner of a company, not only will it lead to some recovery, but the new owner will definitely have a better credit profile, so some debt upgrades for the lenders of the parent group. It leads to, “said the first person, quoted above.
Lenders expect to obtain all approvals and request formal bids by the end of this month.
Lanco Infra lenders value co’s Anpara power plant for £ 819.
https://economictimes.indiatimes.com/markets/stocks/news/lanco-infra-lenders-value-cos-anpara-power-plant-at-819-cr/articleshow/88722952.cms Lanco Infra lenders value co’s Anpara power plant for £ 819.