New Delhi. The rising trend in the shares of Anil Ambani's company Reliance Power has been going on for the last few days. In fact, the company is continuously getting relief on the debt front, due to which the shares are seeing a rise. Reliance Power shares again opened with gains today. Actually, two subsidiary companies of Reliance Power have settled a loan of Rs 1,023 crore with Reliance Commercial Finance, a branch of Authum Investment. The company said in the information given to the stock market that two subsidiary companies of Reliance Power Limited, Kalai Power Private Limited and Reliance Cleangen Limited, have entered into a loan settlement and free agreement with Reliance Commercial Finance Limited, a wholly owned subsidiary of Authum Investment and Infrastructure Limited. Have signed. The company said that it has settled a loan of Rs 1,023 crore.
The loan agreement with Reliance Commercial Finance comes days after Reliance Power announced the sale of its 45 MW wind power project in Maharashtra to JSW Renewable Energy for Rs 132 crore.
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Shares jumped more than 25 percent
This rise in the shares of Reliance Power has been seen in the last few trading sessions. In fact, even before this, the company had said in the information given to the exchange that the company has settled the bank loan. On March 14, Reliance Power shares were priced at Rs 19.50, but today these shares have touched the level of Rs 28.50. During this period, Reliance Power shares have given returns of more than 25 percent.
Loan repaid by selling rights
Kalai Power had sold the development rights of its proposed 1,200 MW hydro-power project in Arunachal Pradesh to THDC India Limited in December 2023 for Rs 128 crore. According to a company official, the funds raised from the sale of these properties were used to repay the loan.
Authum Investments had acquired Reliance Commercial Finance and Reliance Home Finance from Reliance Capital Limited in 2022 in a bank-led resolution process. Reliance Power has been actively signing loan settlement agreements with various banks including DBS Bank, ICICI Bank and Axis Bank in the last few months.
Reliance Power aims to become a debt-free company on a standalone basis by the end of March 31, 2024. At the end of financial year 2023, the company had an outstanding loan of about Rs 700 crore. Earlier, in the information given to the exchange, Reliance Power had said that the company has completed the settlement agreement of the loan of DBS Bank India. After this, the assets of 45 MW wind power project became completely debt free.
(Disclaimer: The information given here is for information only. Since investing in share market is subject to market risks, please consult a certified investment advisor before investing.)
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Tags: Anil ambani, Business news in hindi, Reliance, Stock market today
FIRST PUBLISHED : March 27, 2024, 2:32 PM IST
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