Anil Ambani-led company, Reliance Infrastructure Limited, on Wednesday (September 18) through an exchange filing announced that the company has cleared its major dues by reducing the standalone external debt from Rs 3,831 crore to Rs 475 crore.
Following this, the shares of the company reported a positive movement. At 12:09 pm IST, the stocks of the company were trading at Rs 248.02 per share, up by 5.27 per cent.
Share Performance |
Key Lenders Cleared, Including LIC and ICICI Bank
The company, in an effort to reduce its major dues, through the BSE filling said that it has also settled the dues with major financial institutions which included the Life Insurance Corporation of India (LIC), Edelweiss Asset Reconstruction Company Limited, ICICI Bank, and Union Bank.
"Reliance Infra has cleared its funded outstanding dues to Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders," the company said in the regulatory filing.
With the debt reduction in place, the company also posted a surge in its net worth | Representative Image
The company has entered into a One Time Settlement (OTS) with LIC, settling its obligations related to Non-Convertible Debentures (NCDs) for Rs 600 crore. Similarly, the company fully paid its dues to Edelweiss, clearing Rs 235 crore in obligations linked to NCDs.
Invent ARC’s Outstanding Debt Reduced to Zero
Furthermore, the company in the exchange filing added, "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."
Net Worth reports a surge
With the debt reduction in place, the company also posted a surge in its net worth. According to the exchange filing, the company added that it net worth now stand at Rs 9,041 crore.
About the company
The company is involved in the business of EPC (Engineering, Procurement, and Construction) services and handles power distribution in Delhi. It is also engaged in the implementation, operation and maintenance of several projects in defence sector and infrastructural areas like Metro, Toll Roads and Airports through its special purpose vehicles.
