Rattanindia resolves debt with lenders through one-time settlement

BENGALURU, Dec 31 (Reuters) - Rattanindia Power Ltd said it had reached a one-time settlement of 40.50 billion rupees ($568.32 million) with its lenders for a debt transfer in the largest resolution of stressed assets outside the National Company Law Tribunal’s framework.

A consortium of 12 lenders led by Power Finance Corp and State Bank of India assigned the existing principal debt of 65.74 billion rupees to a set of new investors and lenders, led by Goldman Sachs and Varde Partners for 40.50 billion rupees.

This was the first successful scheme to have been closed under the Reserve Bank of India's Prudential Framework for resolution of stressed assets, the power generation company said in a filing late Monday. ($1 = 71.2625 Indian rupees) (Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi Aich)