Key Quantitative Figures
- Total resolution plan consideration: ₹2401 crore
- Upfront cash consideration: ₹501 crore (prepaid in full)
- Redeemable bonds (30-year): ₹1900 crore
- Bond coupon rate: 0.001% redeemable at NPV of 16% per annum
Parties Involved
- Diamond Power Infrastructure Limited (Company)
- Erstwhile lenders
- Consortium comprising Mr. Rakesh Shah, GSEC and Monarch Group (acquirers through NCLT process)
- Regulatory bodies: NCLT, CBI, Enforcement Directorate
Financial and Operational Impact
- Resolution plan fully implemented with all obligations cleared
- Company now eligible for credit ratings from recognized rating agencies
- Entire gross block (including Vadodara manufacturing facility, plant and machinery, rod mills, captive power assets) free of resolution-era charge and available for bank financing
- All legacy legal matters with CBI and ED cleared by respective courts
- Company returned to sustained profitability in FY 2023-26
- Debt-light balance sheet achieved
Capital Structure Impact
- No outstanding obligations towards erstwhile lenders
- Complete exit from NCLT mechanism
- All promoter obligations under Approved Resolution Plan fulfilled
Management Commentary
Mr. Rakesh Shah, Promoter Director stated: "Diamond Power is now a clean, rateable, bankable and profitable company — and this is where its real growth story begins."
Mr. Himanshu Shah, Promoter Director stated: "With a rated, bankable balance sheet and every asset free to fund growth, our ambition is to build Diamond Power into a global cables and conductors major."
Company Background
Diamond Power Infrastructure Limited (marketed as DICABS) is a five-decade-old manufacturer of power cables and overhead conductors headquartered in Vadodara, Gujarat. The company manufactures LV, MV, HV and EHV power cables, aerial bunched cables, control cables and overhead conductors (AAC, AAAC, ACSR, AL-59 and HTLS), supported by captive aluminium rod mills and captive wind power.