Shares of RattanIndia Power jumped more than 19% following the company’s Saturday announcement of its Rs 1,114 crore senior debt refinancing led by the Kotak Mahindra Bank.

In an exchange filing on Monday, the company said it resolved in December 2019 with its lenders regarding loans to conclude the 1,350 MW Amravati Thermal Power Plant. 

The plant has a full power purchase agreement with MSEDCL and full coal linkage with Coal India subsidiary South Eastern Coalfields Limited.

Goldman Sachs and Varde Partners took over the loans from Indian banks and financial institutions through Aditya Birla ARC. As part of the resolution, both sets of lenders, outgoing and incoming, received a 15% equity stake each.

Since the resolution, the company has repaid Rs 3,371 crore over the last three and a half years to the two international financial institutions, of which Rs 988 crore was prepayment.

RattanIndia Power has raised a fresh loan of Rs 1,114 crore in a transaction led by Kotak Mahindra Bank, helping it fully repay the balance of the senior debt to these foreign financial institutions. 

In today’s trading session, RattanIndia Power saw its shares rise nearly 20%. The scrip ended at Rs 5.60, 19.15% higher than the previous close price.