HPL has emerged out of the corporate debt restructuring (CDR) process with major lenders having approved the terms and conditions of the restructuring.
After the CDR process, HPL's equity has risen to almost Rs 1,510 crore- the state government holding Rs 520 crore, the Tata group Rs 45 crore and financial institutions around Rs 100 crore after conversion of debt. The balance is being held by TCG. The interest rate after the CDR is likely to stand reduced from 10.5% to 8.75%. Besides, around Rs 120 crore debt would be converted into equity following the CDR.
Prior to the CDR, TCG had Rs 568 crore of Rs 1,410 paid-up equity in HPL through two companies - Chatterjee Petroleum Mauritius and Chatterjee Petroleum India - with holding additional shares worth Rs 260 crore through some associates. The group's total holding then, was about 52%.
30-May-05 
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