M&A

M&A

Lenders to sell 71% stake in thermal power co Lanco Anpara to Megha Engg for Rs.855-Cr

Economic Times  

Banks led by IDBI Bank are set to sell 71% equity stake of thermal power company Lanco Anpara Power to Hyderabad-based Megha Engineering and Infrastructures for INR 855 crore. Although Lanco Anpara Power, a special purpose vehicle (SPV) of bankrupt Lanco Infratech, is a performing asset, the lenders decided to monetise 71% equity stake that defaulter Lanco Infratech had pledged as security against INR 12,000 crore loans. The out-of-court sale follows a competitive bidding process undertaken by lenders, for which Deloitte Touche Tohmatsu India was the process advisor.