In the crisis-ridden power sector, banks are for the first time retaining the debt-plagued promoter in their restructuring plan. In cases like SKS Power, GMR Power Chhattisgarh and Bhushan Power and Steel, banks have preferred to change the promoters. Consequent to that the company had allotted 305.8 crore equity shares at Rs 3,058 crore in February 2017 to banks and financial institutions upon conversion of part of their outstanding loans and interest. The company's total income rose to Rs 998.67 crore in the quarter from Rs 970.17 crore a year ago. Total expenses came down to Rs 1,079.47 crore in the quarter, from Rs 1,192.58 crore a year ago.

Source: dna February 17, 2019 23:26 UTC