Industrialist Anil Ambani
Industrialist Anil Ambani, who was once burdened by huge debt, has now achieved such a feat that has silenced everyone. His company Reliance Infrastructure has reduced its debt load by 806%. Along with this, the bullish momentum of the company’s stock has also started to appear in the stock market.
Bankrupt Anil Ambani has long been busy improving the financial condition of his companies. In this sequence, his company Reliance Infrastructure has recently reduced its debt load from Rs 3,831 crore to Rs 475 crore. When the company informed the stock market about this, its shares reached a high of Rs 254.
The burden on this company was reduced as soon as the loan was paid off.
Reliance Infrastructure said one of its lenders, Invent Asset Securitization and Re-Construction Pvt Ltd (Invent ARC), has rolled over some of the pledged securities to settle its dues. With this, the fund-based dues of Invent ARC have been fully paid and this has resulted in a huge debt reduction of Reliance Infrastructure.
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He also paid off the loan from LIC and banks.
Reliance Infrastructure has clarified that it has repaid the outstanding loan from Life Insurance Corporation of India (LIC), Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank of India and several other lenders.
While RInfra has entered into a ‘one-time arrangement’ agreement with LIC. Under this, the company has issued non-convertible debentures (NCDs) to LIC in lieu of its dues, which have been issued in lieu of the company’s outstanding balance of Rs 600 crore. After this, there are no dues of LIC left for the company.
Similarly, the company also issued NCDs to Edelweiss in lieu of Rs 235 crore dues. After reducing its external debt, Reliance Infra’s net worth now stands at around Rs 9,041 crore.
