Lanco Infratech to sell Himachal Pradesh hydro power projects
Diversified group Lanco Infratech, which on Monday posted a net loss of about Rs 530 crore in the three months ended December, will sell three hydro power projects in Himachal Pradesh.punjab Updated: Feb 03, 2014 21:05 IST
Diversified group Lanco Infratech, which on Monday posted a net loss of about Rs 530 crore in the three months ended December, will sell three hydro power projects in Himachal Pradesh.
Lanco Hydro Power Ltd (LHPL) has signed an agreement with Tejassarnika Hydro Energies Pvt to divest 100 per cent stake in 70 MW Lanco Budhil Hydro Power Project, according to a regulatory filing on Monday.
Tejassarnika is a subsidiary of Hyderabad-based Greenko Energies.
The group also entered into a preliminary pact with Greenko to sell two smaller hydel projects in the state.
Financial details were not disclosed.
"LHPL has also entered into an Memorandum of Understanding to sell two small hydro power plants of 5 MW each located in Kangra district of Himachal Pradesh, to Greenko," the filing said.
Lanco Infratech has been grappling with tough business conditions and sluggishness in the infrastructure sector.
The company received approval from lenders in December for a plan to recast debt of more than Rs 7,000 crore.
Lanco plans to seek shareholder approval for the option to issue equity shares on a preferential basis to the promoters for conversion of an unsecured loan of Rs 152 crore infused by them as part of the debt restructuring package and to include any other amount that they may bring in.
Approval will be sought from shareholders to give lenders the option to convert loans into equity shares.
Lanco Infratech will also seek to increase its authorised share capital to Rs 12,000 crore from Rs 5,000 crore.
The company reported a net loss of Rs 529.68 crore in the three months ended December as it continued to grapple with non-payment of dues and coal shortages. The loss widened from Rs 465 crore a year earlier.
Shares of the company closed little changed at Rs 7.18 on the BSE.