Indiabulls Power‘s board of directors have decided that the equity required for implementation of Phase II projects will be met through a combination of existing equity and equity augmentation plans of the Company.
Towards this end the company plans to meet the gap in equity resources through the evaluation of a potential scheme of amalgamation of Indiabulls Infrastructure Development, a subsidiary of Indiabulls Real Estate, with the Company in order to augment the net worth of the company by approximately Rs 1,045 crore.
Further, the company is also considering a tie up of its sub-debt cum SBLC facility for Rs 900 crore with a bank, for which the Company has already received a term sheet.
The company’s board of directors in relation to the proposed amalgamation, have constituted a Restructuring Committee, comprising some of its officers and directors to consider, examine and evaluate possibilities of the aforementioned restructuring, to take all necessary steps in relation thereto and prepare and present a draft proposal and related documents to be placed before and approved by the Board at a later date.
However, the Board will make its final decision post receiving the recommendations of the Restructuring Committee and obtaining the required professional advice.
The company’s net profit after extraordinary items for the quarter has zoomed by 444.20% at Rs 31.89 crore as compared to Rs 5.86 crore for the same quarter last year. Its total income has soared by 230.23% to Rs 42.50 crore for the quarter under review from Rs 12.87 crore for the corresponding quarter of the previous year.
| Company Name | CMP |
|---|---|
| NTPC | 393.65 |
| Tata Power | 427.45 |
| Adani Power | 198.40 |
| Power Grid Corp | 318.05 |
| Torrent Power | 1565.30 |
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