Further, the ratings on the outstanding NCDs are re-affirmed at ''CARE AA-/Credit Watch with Negative implications''. The announcement was made after market hours yesterday, 8 January 2020.

Meanwhile, the S&P BSE Sensex was up 562.35 points or 1.38% to 41,380.09.

JSW Energy is an integrated power company primarily engaged in generation and sale of power. Its business segments include power generation, power transmission, mining, power trading and equipment manufacturing.

The company's consolidated net profit rose 11.7% to Rs 352.98 crore on 12.8% decline in net sales to Rs 2,118.55 crore in Q2 September 2019 over Q2 September 2018.

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JSW Energy announced that CARE Ratings has assigned the rating of 'CARE AA-/Credit Watch with Negative implications' for the Company's Rs.300 crore Non-Convertible Debenture (NCD) Issue.

Further, the ratings on the outstanding NCDs are re-affirmed at 'CARE AA-/Credit Watch with Negative implications'

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JSW Energy rose 0.93% to Rs 70.20. It has traded in the range of Rs 70.80 and Rs 70.80 so far during the day.

Under key terms of the agreement, an amount of Rs 351.77 crore will be converted into equity shares of JPVL at a par value of Rs 1 0 each, according to an official statement.

Of the balance outstanding principal amount of Rs 400 crore, Rs 280 crore will be written off and Rs 120 crore will continue as debt to be paid by JPVL to JSW Energy. This will be paid quarterly on priority basis out of the available cash flows after JPVL has paid 10% of the restructured sustainable debt to its secured lenders.

The company had already made a provision for Rs 574.19 crore in the quarter ended March 31, 2018, for this.

Besides, JPVL and JSW Energy have agreed to waive their respective rights to receive any payments from each other and unconditionally release each other from all liabilities in relation to the securities purchase agreement signed on 16 November 2014, for transfer of Karcham and Baspa hydro assets from JPVL to the company. This will result in the reversal of an amount of Rs 177.48 crore of liabilities payable to JPVL in the company's books.

JSW Energy is an integrated power company primarily engaged in generation and sale of power. Its business segments include power generation, power transmission, mining, power trading and equipment manufacturing.

The company's consolidated net profit rose 11.7% to Rs 352.98 crore on 12.8% decline in net sales to Rs 2,118.55 crore in Q2 September 2019 over Q2 September 2018.

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JSW Energy has entered into an agreement Jaiprakash Power Ventures (JVPL) on 02 January 2020 to re-structure the principal outstanding amount of Rs.751.77 crore, owed by JPVL to the Company.

The terms of agreement include -
- An amount of Rs.351.77 crore to be converted into equity shares of JPVL at par value of Rs.10 each.
- Out of the balance outstanding principal amount of Rs.400 crore, Rs.280 crore to be written off and Rs.120 crore to continue as debt to be paid by JPVL to the Company, quarterly on priority basis, out of the available cash flows after JPVL has paid 10% of the re-structured sustainable debt to itssecured lenders.

The Company has already made a provision for Rs.574.19 crore in quarter ended 31st March, 2018 for the above.

Further, JPVL and the Company have agreed to waive their respective rights to receive any payments from each other and unconditionally release each other from all liabilities in relation to the SecuritiesPurchase Agreement dated 16 November, 2014 for transfer of Karcham and Baspa hydro assets from JPVL to the Company. This will result in reversal of an amount of Rs.177.48 crore of liabilities payable toJPVL in the Company's books.

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