With reference to the earlier letter dated February 12, 2016 regarding the Company had entered into a standstill agreement dated February 11, 2016 (the ‘Standstill Agreement’) with certain holders (Participating Bondholders) of the Bonds that collectively held in excess of 75 per cent of the aggregate principal amount of the Bonds outstanding as on the date of the Standstill Agreement. Pursuant to the Standstill Agreement, the standstill period extended until March 31, 2016, subject to certain conditions. Jaiprakash Power Ventures has now informed that the Company was and is still engaged in discussions with Indian banks to source funds to repay part of the outstanding amount due on the Bonds. Due to certain extraneous circumstances, the Company’s discussions with Indian banks are taking longer than originally anticipated. In the interim, the Company proposes to engage in discussions with the Bondholders to extend the Standstill Agreement by 8 weeks (or alternatively sign an interim standstill agreement/letter for such period) while the Company and the Bondholders reach commercial agreement on a definitive proposal.
The above information is a part of company’s filings submitted to BSE.
