Reliance Infrastructure Ltd on Wednesday said the company has substantially reduced its standalone external debt from Rs 3,831 crore to Rs 475 crore. Following this, shares of the Anil Ambani-owned company jumped 7.95 per cent during the day.
It said Invent Assets Securitisation and Reconstruction Private Limited, a lender to the company, has novated certain charged securities to recover its dues. As a result, Invent ARC’s entire fund-based outstanding amount has been reduced to zero.
Reliance Infra has also cleared its funded outstanding dues to Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders, it said.
“The company’s external debt liability is down to Rs 475 crore. Consequently, the net worth of the Company will stand at about Rs 9,041 crore,” Reliance Infra said.
Shares of Reliance Infra on Wednesday were trading higher by Rs 12.45 or 5.3 per cent at Rs 248.15 apiece on the BSE, as at 11:55 am. Earlier, it hit a day’s high of Rs 254.4.
Meanwhile, the board of Reliance Infrastructure Ltd will meet on September 19 to consider a preferential issue of shares to raise funds. The company had raised Rs 550 crore in July 2021 by issuing shares on preferential basis, wherein promoters infused Rs 400 crore and Varde Capital Partners — an international investor — subscribed to shares aggregating Rs 150 crore.
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