Reliance Power, Reliance Infrastructure shares zooms ~7%

19 Sep 2024 , 05:20 PM

On Thursday, shares of Reliance Power rose 5% to a day high of ₹34.62, while Reliance Infrastructure rose 7.5% to ₹304 on the BSE. This growing trend reflects the resolution of previous debts and responsibilities.

On Wednesday, the business reported that it had satisfied liabilities of ₹3,872.04 Crore linked to the guarantee for Vidarbha Industries Power’s (VIPL) lenders.

Additionally, it declared that all disagreements with CFM Asset Reconstruction had been settled, and that 100% of VIPL’s shares had been pledged to CFM in consideration for the release and discharge of Reliance Power’s guarantee.

VIPL ceases to be a subsidiary of the company, and the company’s entire obligations as a guarantor on behalf of VIPL are fully settled, resulting in the release and discharge of the corporate guarantee, undertakings, and all obligations and claims thereunder in relation to VIPL’s outstanding debt of ₹3,872.04 Crore, the company stated in a stock market disclosure.

Reliance Infra (Reliance Infra) said on Wednesday that the Anil Ambani-led company has significantly reduced its standalone foreign debt, lowering it from ₹3,831 Crore to ₹475 Crore.

The company said that one of its lenders, Invent Assets Securitisation and Reconstruction Private Limited (Invent ARC), has novated certain charged securities to recover its debts, resulting in Invent ARC’s fund-based outstanding amount to zero.

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