Reliance Power share gains 5% on settling obligations worth ₹3,872 cr; achieves debt-free status
The Reliance Anil Dhirubhai Ambani Group company has zero debt from banks and financial institutions.
The Reliance Anil Dhirubhai Ambani Group company has zero debt from banks and financial institutions.
Shares of Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, were locked in 5% lower circuit at ₹31.10 per share on Tuesday.
In the past three months, the share price has nearly doubled from ₹16.3 to ₹33.10 level.
Reliance Power to sell a 15% stake in the company to VFSI Holdings at an issue price of ₹15.55 per share, aggregating to ₹933 crore.
Reliance Power and its subsidiary have entered into an agreement with alternative investment firm Varde Partners for availing debt of up to ₹1,200 crore.
Reliance Infrastructure and Reliance Power nosedived up to 9% in tandem with a 0.8% fall in the BSE Sensex.
Anil Ambani stepped down from the boards of directors of both Reliance group companies after SEBI banned him from associating with any listed company.
The share of this Anil Ambani Group company has rallied despite reporting net losses in the last four quarters.
More than 56% of the 1,942 listed companies in India generated a positive CAGR between 2010 and 2019.