PTC India Financial services (PFS) has achieved resolution of one of its stressed loan account in the thermal segment namely 2x300 MW SKS Power Generation in the state of Chhattisgarh.
The resolution was achieved under the open bidding process initiated by the Consortium Lenders lead by State Bank of India, wherein, One Time Settlement (OTS) Offer submitted by Singapore based entity Agritrade Resources emerged as the H1 Bidder. Lenders earlier entered into definitive agreement with the Investor on November 12, 2018 and subsequently, post compliance of the condition precedents and on receipt of the OTS amounting to Rs 137.09 crore, transaction closed on March 18, 2019.
It is also to mention that PFS had made provisioning of Rs 204.44 crore prior to closure of the transaction. Due to the closure of the mentioned transaction, PFS stressed loan portfolio has come down by Rs 341.53 crore during Q4 of FY2019.
PTC India Financial Services is an Indian non-banking financial institution. The company makes principal investments in, and provides financing solutions for, companies with projects across the energy value chain.
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