India, Dec. 11 -- Hindustan Construction Company (HCC) has achieved a major milestone in its ongoing deleveraging efforts by significantly reducing its corporate guarantee exposure related to the loan facilities of Prolific Resolution Private Limited (PRPL), an associate company. The company said this move will enhance long-term value for shareholders.
Earlier, as part of a lender-approved resolution plan, HCC had transferred around Rs 2,854 crore of debt and approximately Rs 6,508 crore in Awards & Claims to PRPL, while retaining a 49% equity stake in the entity. HCC had also provided a corporate guarantee covering 100% of PRPL's outstanding debt. With accrued interest, PRPL's total debt now stands at nearly Rs 3,935 crore, and Awards & C...