Shares of thermal power company RattanIndia Power Ltd slumped nearly 5% on Tuesday even as the company made payment of o loan worth ₹261 crore to Kotak Mahindra Bank.

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"The company has till date made pre-payments of ₹179 crore and scheduled repayment of ₹85 crore," RattanIndia Power Ltd (RIPL) said in a stock exchange filing.

Following this, the outstanding senior secured debt was reduced to ₹ 861 crore, it added.

The company had raised a loan of ₹1,125 crore in a transaction led by Kotak Mahindra Bank in June. A Kotak Mahindra Bank arm invested ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power.

Kotak Strategic Situations India Fund II (KSSF II) and Kotak Private Credit Fund (KPCF) invested ₹582 crore and ₹150 crore, respectively in RattanIndia Power.

RIPL is a part of the RattanIndia Group, promoted by Rajiv Rattan. It is one of the few private sector thermal power generators supplying power to the Maharashtra State Electricity Distribution Company Ltd (MSECDL).

RattanIndia Power had earlier concluded a resolution with erstwhile lenders for the 1,350 MW Amravati Thermal Power Plant in December 2019, whereby the loans from Indian banks and financial institutions were taken over by international financial institutions including Goldman Sachs and Varde Partners via Aditya Birla ARC along with 15% equity stake each to both sets of lenders.

RattanIndia Power's shares were trading 4.9% lower at Rs 9.65 apiece at 11.30am on Tuesday, November 21.

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(Edited by : Shloka Badkar)

First Published:Nov 21, 2023 11:46 AM IST