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28 Jun 2021

Uttar Pradesh Power Corporation Ltd (UPPCL) Credit Analysis-Weekly Credit Analysis

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Structured Payment mechanism- Bonds Series III & IV -FY2016-17-Under the mechanism, UPPCL is transferring funds proportionately to the UPPCL bonds servicing account to ensure the accumulation of required funds by T-15 days. The UPPCL bond servicing account is regularly monitored by the debenture trustee. In case if shortfall, the debenture trustee can contact UP state to fund the shortfall by T-10 days. If the state fails to provide the funds, the trustee can contact RBI on T-9th day to directly debit the state's account and make good the shortfall in the next 8 days that is on or before T-1 day to ensure sufficient funds are available one day prior to the due date. Government of UP has given irrevocable written instructions to RBI for the above-mentioned structure.

author dp
Subhasis Mishra
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