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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 (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 12 November 2018 and
subsequently, post compliance of the condition precedents and on receipt of the OTS
amounting to Rs. 137.09 crore, transaction closed on 18 March 2019. It is also to mention that
PFS had made provisioning of Rs. 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 FY 2019.
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