Reliance Communications shares surged over 15% today
Reliance Communications shares surged over 15% today

Anil Ambani group firms surge after agreement with lenders on pledged shares

  •  The group will pay the principal and interest amount to the lenders as per the scheduled due dates
  • It has also appointed investment bankers for part-placement of the group's direct 30% stake in Reliance Power to institutional investors

Mumbai: Anil Ambani-controlled Reliance Communications Ltd, Reliance Power and Reliance Infrastructure Ltd, Reliance Capital Ltd and Reliance Naval and Engineering Ltd on Monday surged intraday over 17.64%, 14.71%, 11.88%, 11.51% and 9.94%, respectively, after ADAG firms reached an agreement with more than 90% of lenders under which they won’t sell any shares pledged by promoters until September.

Under the pact, the group will pay the principal and interest amounts to the lenders as per the scheduled due dates, while it has also appointed investment bankers for part placement of the group's direct 30% stake in Reliance Power to institutional investors, Reliance Group said. The investment bankers will begin road shows for the share placement, they added.

Some of the key lenders include Templeton MF, DHFL Pramerica MF, Indiabulls MF, IndusInd Bank and Yes Bank.

While the group's loan exposure to L&T Finance is nil now, it is about 150 crore in case of Edelweiss, against which Reliance Power has also complained to capital markets regulator Sebi and has filed a case in the Bombay High Court as well.

Both Edelweiss and L&T Finance have strongly refuted the allegations. (With Inputs from PTI and Bloomberg)

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the 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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