HYDERABAD: In a setback for the lenders of GMR Rajahmundry Energy Ltd (GREL), the Reserve Bank of India has turned down the plea of the consortium of lenders led by IDBI Bank to extend the deadline for sale of their 55% stake in the gas-based power project at Rajahmundry in Andhra Pradesh GMR Infrastructure Limited told the bourses in a regulatory filing that the lenders had sought approval from RBI for a three-month extension of timeline for finding new promoters for GREL, which has not been accepted by RBI."Under the SDR scheme, the banks have to find a new promoter for GERL within the period as prescribed under the scheme, which expired during the quarter ended June 30, 2017. The lenders sought the approval from the RBI for the extension of timelines for a further period of three months which has not been accepted by RBI," GMR said in a regulatory filing.The consortium of lenders had put on sale 55% of their stake in GREL, which they had acquired last year as part of the conversion of Rs 1308.57 crore of debt and interest of Rs 105.42 into equity under a strategic debt restructuring scheme (SDR) on May 12, 2017. GMR group also gave a guarantee of Rs 2738 crore to the lenders against the remaining debt.Under the SDR scheme, the lenders were to have found new promoters for GREL within the period prescribed under the scheme, which expired during the quarter ended June 30, 2017. The GMR group still holds 45% stake in the project."The lenders and the management are exploring various options for revival/sale of the project," GMR Infrastructure Ltd said in the filing. GMR group operates a 768 MW gas-based combined cycle power plant at Rajahmundry that is still saddled with a debt of over Rs 2300 crore.

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