Anil Ambani-led Reliance Power shares hit 5% upper circuit: What's happening? - Hindustan Times
close_game
close_game

Anil Ambani-led Reliance Power shares hit 5% upper circuit: What's happening?

Mar 21, 2024 12:06 AM IST

Reliance Power Share price: It was reported that the Anil Ambani-led company settled debts owed to three banks - ICICI Bank, Axis Bank, and DBS Bank.

Shares of Reliance Power rose 5% today (March 20) and reached day's high of 23.83 on the BSE. This comes after it was reported that the Anil Ambani-led company settled debts owed to three banks - ICICI Bank, Axis Bank, and DBS Bank - last week. The reports also claimed that its parent Reliance Infrastructure is working towards settling dues of 2,100 crore to JC Flowers Asset Reconstruction Company.

Stock market today: Anil Ambani-led Reliance Power's shares hit upper circuit on March 20.
Stock market today: Anil Ambani-led Reliance Power's shares hit upper circuit on March 20.

Read more: Paytm stock gains for 4th consecutive day: Is the worst over?

What reports claimed on Reliance Power?

The Economic Times reported quoting a senior executive from a commercial bank as saying, “Reliance Power aims to be a debt-free company by the end of this fiscal year. The only debt on its books will be the working capital loan from IDBI Bank.” Another lender said as per the outlet that three lenders jointly had about 400 crore and recovered close to 30-35% of their principal loans.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

Read more: LIC fires employee who traded in dead father's demat account: Here's what happened

As per a notice issued to the exchanges on January 7, Reliance Infrastructure and JC Flowers ARC entered into a standstill agreement until March 20, 2024 which was later extended to March 31, 2024 as per which JC Flowers ARC will not take legal action against Reliance Infrastructure until March 31.

Reliance Power financials

Read more: Deepinder Goyal's apology on Zomato's veg fleet uniform: ‘Listening without ego… you made us understand’

Reliance Power disclosed earlier that as of December 31, 2023, its total financial indebtedness stood at 765 crore while Reliance Infrastructure stated its total financial indebtedness was 4,233 crore for the same period. As per earlier disclosures, Reliance Power settled loans with two lenders- JC Flowers ARC and Canara Bank- in April 2023.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Get latest news on Education along with Board Exam, Competitive Exam and Exam Result at Hindustan Times. Also get latest Job updates on Employment News
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, May 26, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On