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New Delhi: Reliance Infrastructure (RInfra) has defaulted on payment of redemption of non convertible debentures (NCDs) amounting to 133.38 crore. The company said it expects to make these payments in the next few days from the proceeds from the sale of Mumbai power business to Adani Transmission for 18,800 crore.

“The entire proceeds of the sale transaction have been earmarked for the payment of various debt including final redemption of Series 3 NCDs amounting to 133.38 crore due on 20 August 2018," RInfra said in a BSE filing. “The company expects to make these payments in the next few days from the proceeds of the aforesaid sale transaction, and the debenture holders have duly been informed in this regard."

RInfra said it had obtained all relevant approvals from the Competition Commission of India (CCI), shareholders of the company, Maharashtra Electricity Regulatory Commission, and others. All lenders have provided their no-objection certificates (NOCs), and the company expects to close the transaction within the next few days. “The proceeds are to be used entirely for debt reduction," it added.

Shares of RInfra were trading 1.46% lower at 413.75 on the BSE on 1.06 pm.

(Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.)

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