ADAG shares gain on reports of in-principle agreement with lenders

Lenders have agreed to not sell their pledged shares in the group till September.

Feb 18, 2019 04:02 IST India Infoline News Service

Shares of Anil Ambani-led Reliance Group spurted in Monday morning trade after media reports suggested that the group may have reached an in-principle deal with ~90% of its lenders.


Accordingly, shares of Reliance Communications, Reliance Infrastructure, and Reliance Power spurted 13%, 11%, and 12%, respectively, and those of Reliance Naval & Engineering climbed 6%.

As per the reports, lenders have agreed to not sell their pledged shares in the group till September.

Additionally, the group informed its lenders that it had appointed investment bankers to sell up to 30% of the shareholding in Reliance Power (RPower) to institutional investors to repay the banks.

Further, the group has also promised to pay the principal and interest to the lenders in-line with the scheduled due dates specified in the loan agreements, reports said.

Reliance Communications Ltd's share price is currently at Rs6.19, up Rs0.69, or 12.55%, from its previous close of Rs5.50 on the BSE. 
The scrip opened at Rs6.05 and has touched a high and low of Rs6.47 and Rs5.91, respectively. So far, 6,35,83,073 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,521.04cr.

Reliance Infrastructure Ltd's share price is currently at Rs127.90, up Rs13, or 11.31%, from its previous close of Rs114.90 on the BSE. The scrip opened at Rs126.35 and has touched a high and low of Rs129.85 and Rs123.30, respectively. So far, 1,42,61,256 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs3,021.76cr.

Reliance Power Ltd's share price is currently at Rs11.40, up Rs1.2, or 11.76%, from its previous close of Rs10.20 on the BSE. The scrip opened at Rs11.20 and has touched a high and low of Rs11.70 and Rs11.05, respectively. So far, 3,67,50,499 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs2,861.23cr.

Reliance Naval & Engineering Ltd's share price is currently at Rs9.09, up Rs0.54 or 6.32%, from its previous close of Rs8.55 on the BSE. 
The scrip opened at Rs9.05 and has touched a high and low of Rs9.40 and Rs8.55, respectively. So far, 11,75,803 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs630.64cr.

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