February 27, 2017 / 5:21 AM / 5 months ago

BUZZ-India's GMR Infra hits more than 1-yr high on debt restructuring

1 Min Read

** Shares of GMR Infrastructure Ltd rise as much as 7.4 pct to their highest since Jan. 6, 2016

** Company completes strategic debt restructuring of unit GMR Chhattisgarh Energy Ltd (bit.ly/2leQlnH)

** Out of the total outstanding debt of 88 bln rupees ($1.32 billion), 29.92 bln rupees has been converted into equity, it said

** Conversion now leaves company's consortium of lenders with 52.4 pct stake, the balance would be held by GMR

** Up to Thursday's close, stock has gained about 26 pct this year ($1 = 66.7050 Indian rupees)

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