20 March 2024 – Last week, Anil Ambani-led Reliance Power settled debts to ICICI Bank, Axis Bank, and DBS Bank, while its parent Reliance Infrastructure is working to settle Rs 2,100 crore to JC Flowers Asset Reconstruction Company, according to sources.
“This fiscal year, Reliance Power wants to be debt-free. The IDBI Bank working capital loan will be its only debt, “said a commercial bank officer. Another lender reported that the three lenders had Rs 400 crore and collected 30–35% of their principal debts.
The exchanges were notified on January 7 that Reliance Infrastructure and JC Flowers ARC had reached a standstill agreement. A separate stock exchange announcement stated the stoppage until March 20, 2024. Reliance Infrastructure reported Rs 4,233 crore in debt for the same quarter. According to exchange disclosures, Reliance Power settled loans with JC Flowers ARC and Canara Bank in April 2023.
Conclusion
In September 2022, Reliance Power offered 200 million equity shares to VFSI Holdings at Rs 15.55 a share. 25% were subscribed at Rs 80 crore, while the rest were warrants. VFSI converted warrants into shares, infusing Rs 240 crore. Reliance Commercial Finance, which Authum Investment & Infrastructure purchased, invested Rs 1,043 crore in both Reliance entities in August. Rs 891 crore went to Reliance Infrastructure, and Rs 152 crore to Reliance Power.
