Reliance Power Shares: Reliance Power shares rose 5 per cent on Wednesday to the day’s high of Rs 23.83 on the BSE following reports that the Anil Ambani-led company settled the debts owed to three banks – ICICI Bank, Axis Bank, and DBS Bank.
The reports also claimed that its parent Reliance Infrastructure is working towards settling dues of Rs 2,100 crore to JC Flowers Asset Reconstruction Company.
The Economic Times reported quoting a senior executive from a commercial bank 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 said as per the outlet that three lenders jointly had about Rs 400 crore and recovered close to 30-35% of their principal loans.
As per a notice issued to the exchanges on January 7, Reliance Infrastructure and JC Flowers ARC entered into a standstill agreement until March 20, 2024 which was later extended to March 31, 2024 as per which JC Flowers ARC will not take legal action against Reliance Infrastructure until March 31.
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