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GVK Energy raises Rs500 crore for Goindwal Sahib power project

GVK Energy Ltd has closed funding for its 540 MW coal-fired power project in Punjab, having raised Rs500 crore from Deutsche Bank in priority funding, according to two people directly aware of the development.The funds raised will be used to make the plant—run by GVK Power (Goindwal Sahib) Ltd (GPGSL)—operational, a spokesperson for GVK said, without disclosing more details of the transaction that was concluded last month.Priority funding involves extending credit to a company on the promise that the lender will be given higher priority during the payout phase, once a turnround is effected or the company is liquidated.The transaction assumes significance in the back of growing investor interest in the distressed assets segment, in which exi.....

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