Anil Ambani breathes sigh of relief as his company pays over ₹3300 crore debt

Reliance Infrastructure reduced its standalone external debt from ₹3,831 crore to ₹475 crore. The company's shares rose 7% to ₹252.15.

Reliance Infrastructure Limited announced that the Anil Ambani-led company made a major reduction in its standalone external debt, bringing the amount down from ₹3,831 crore to ₹475 crore. Following this, the company's share price showed movement as it was trading at ₹252.15 a piece on BSE, up 7 per cent.

Anil Ambani is seen. Reliance Infrastructure Limited significantly reduced its standalone external debt from ₹3,831 crore to ₹475 crore.

The company announced that one of its lenders- Invent Assets Securitisation and Reconstruction Private Limited (Invent ARC)- has novated certain charged securities to recover its dues which has resulted in a complete reduction of Invent ARC’s fund-based outstanding amount to zero.

Reliance Infra confirmed that it has fully cleared its funded outstanding dues to key financial institutions, including Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and several other lenders.

Reliance Infra also entered in a One Time Settlement (OTS) with Life Insurance Corporation of India (LIC) in settlement of the entire obligations with respect to the Non Convertible Debentures (NCDs) issued by the Company, in consideration of an amount of ₹600 crore, it said.

The company has settled and paid its entire obligations with Edelweiss with respect to the NCDs issued by the Company, in consideration of an amount of ₹235 crore, it said.