IL&FS Tamil Nadu Power Company Limited [ITPCL] - Completion of resolution of NCDs

This is to provide an update on the resolution of Non-Convertible Debentures (NCDs) issued by ITPCL held by certain schemes of Aditya Birla Sun Life Mutual Fund [ABSLMF].

We are glad to share that, acting in the best interest of the unitholders, a resolution plan for the said NCDs has been agreed between ITPCL and the debenture trustee

As per the said resolution plan, the NCDs (with an outstanding principal amount of approximately Rs. 450 crores) have been restructured into 3 different instruments with an aggregate outstanding amount of approximately Rs. 557 crores as under:
1. sustainable debt [~Rs. 155 crores] repayable till FY38 in unequal quarterly installments.
2. unsustainable debt [~Rs. 367 crores] repayable in FY2039 and FY2040.
3. other dues [~Rs.35 crore] repayable till FY 2026.

With the said restructuring of NCDs, ABSLMF would start receiving regular payments. ABSLMF has received a total amount of ~ Rs.86.33 crores upto 14th October 2024 (~Rs.24.49 crores towards interest and ~Rs.61.85 crore towards repayment of sustainable debt and other dues).

We would continue to monitor our exposure and shall undertake all measures keeping in mind the best interests of unitholders.

Following are the scheme-wise details & impact.