Reliance Infrastructure shares: Shares of Anil Ambani-backed Reliance Infrastructure rose as much as 7.95 per cent to hit an intraday high of Rs 254.40 after the company on Wednesday said it had reduced its standalone external debt to Rs 475 crore from Rs 3,831 crore.
Reliance Infrastructure Limited (Reliance Infra) announced that Invent Assets Securitisation and Reconstruction Private Limited, a key lender, has novated certain encumbered securities, reducing its entire outstanding fund-based amount to zero.
In addition, Reliance Infra has settled its debts with major lenders including Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank Union Bank of India and others. As a result, the company’s external debt has been reduced to Rs 475 crore, while its net worth now stands at about Rs 9,041 crore, the company said in a stock exchange filing.
On September 17, Reliance Infrastructure announced a unique settlement agreement with Edelweiss Asset Reconstruction Company (ARC) to settle all liabilities relating to non-convertible debentures (NCDs) worth Rs 385 crore. As part of the settlement, all legal proceedings between the two parties will be stayed.
At 10:48 am, shares of Reliance Infrastructure were trading 5.81 per cent higher at Rs 249.35, outperforming the Sensex, which was up 0.24 per cent.
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