Mumbai
Good news has come after a long time for bankrupt businessman Anil Ambani. His company Reliance Infrastructure has repaid most of its debt while the stock of Reliance Power once again went into the upper circuit. Reliance Infra said on Wednesday that it has reduced its standalone external debt by a significant 806%. This amount has come down from Rs 3,831 crore to Rs 475 crore. This led to a rise of more than seven percent in the company’s shares. It went up to Rs 254.40 per share during trading on the BSE.
Mumbai-headquartered Reliance Infra announced that one of its lenders Invent Assets Securitisation and Reconstruction Pvt Ltd has renewed certain charged securities to recover its dues. This has brought Invent ARC’s fund-based dues to zero completely. Reliance Infra informed that it has fully paid its funded outstanding dues to major financial institutions including LIC, Edelweiss Asset Reconstruction Company, ICICI Bank, Union Bank and several other lenders. This major reduction in debt is a major achievement for the company.
LIC debt
Reliance Infra has also done a one-time settlement with LIC for settlement of NCD dues. This amount is Rs 600 crore. Also, the company has made full payment of Rs 235 crore to Edelweiss in relation to NCD. With the reduction in external debt, the total net worth of Reliance Infra is expected to be around Rs 9,041 crore.
Reliance Power share
Meanwhile, the stock of Reliance Power, another company of Anil Ambani, touched an upper circuit of 5% on BSE and reached Rs 31.32. The company said that it has received a 500 MW battery storage contract through e-reverse auction organized by Solar Energy Corporation of India. The 52-week high of this stock is Rs 38.07. It reached this level on August 23. With today’s rise, the market cap of this company reached Rs 13,247.97 crore.
