Anil Ambani-Led Reliance Power Hits 5% Upper Circuit
The stories additionally claimed that its dad or mum Reliance Infrastructure is working in the direction of settling dues of Rs 2,100 crore to JC Flowers
Reliance Power Shares: Reliance Power shares rose 5 per cent on Wednesday to the day’s excessive of Rs 23.83 on the BSE following stories that the Anil Ambani-led firm settled the money owed owed to 3 banks – ICICI Bank, Axis Bank, and DBS Bank.
The stories additionally claimed that its dad or mum Reliance Infrastructure is working in the direction of settling dues of Rs 2,100 crore to JC Flowers Asset Reconstruction Company.
The Economic Times reported quoting a senior government from a business financial institution as saying, “Reliance Power aims to be a debt-free company by the end of this fiscal year. The only debt on its books will be the working capital loan from IDBI Bank.” Another lender mentioned as per the outlet that three lenders collectively had about Rs 400 crore and recovered near 30-35% of their principal loans.
As per a discover issued to the exchanges on January 7, Reliance Infrastructure and JC Flowers ARC entered right into a standstill settlement till March 20, 2024 which was later prolonged to March 31, 2024 as per which JC Flowers ARC won’t take authorized motion towards Reliance Infrastructure till March 31.
