Stock Market Today: Reliance Infrastructure Ltd share price gained 6% in the morning trades on Wednesday. The company has settled and paid its entire obligations with Edelweiss Asset Reconstruction Company Limited (Edelweiss) with respect to the Non Convertible Debentures issued by the Company
The Reliance Infrastructure share price opened at ₹244 on Wednesday on the BSE, slightly higher than the previous closing price of ₹235.65. The Reliance Infrastructure share price thereafter gained further to ₹2254.40 level , thereby marking gains of more than 6%
Notably the Reliance Infrastructure share price had ended with gains of more than 9% on Tuesday.
Reliance Infrastructure share price has gained more than 18% in past 5 trading session and is inching towards its 52-week highs
Reliance Infrastructure share price gained momentum as Reliance Infrastructure in its release on the exchange on Wednesday announced settlement of ₹235 crore dues to Edelweiss.
“The Company has settled and paid its entire obligations with Edelweiss Asset Reconstruction Company Limited (Edelweiss) with respect to the Non Convertible Debentures issued by the Company, in consideration of an amount of Rs. 235 crore” said Reliance Infrastructure in its release on the exchanges.
Reliance Infrastructure further said that Edelweiss does not hold any equity shares in the Company and is neither a related party nor part of the promoter group.
Reliance Infrastructure on Tuesday already had said that "One Time Settlement (OTS) proposal has been agreed upon today between the Company and Edelweiss Asset Reconstruction Company Limited (Edelweiss) in settlement of the entire obligations with respect to the Non Convertible Debentures issued by the Company.
In another development, Reliance Infrastructure Ltd has also reached an agreement with Adani Electricity Mumbai Limited (AEML) and Adani Energy Solutions Limited (AESL) (Earlier known as Adani Transmission Limited).
The agreement is towards Settlement of disputes and withdrawal of arbitration claims against each other as mutually agreed on September 17, 2024.
Reliance Infrastructure also has said the , the company has received a communication dated September 17, 2024 from Invent Assets Securitisation and Reconstruction Private Limited (Invent ARC), a lender of the Company, regarding the novation of certain charged security in order to recover its dues and now its fund based outstanding is zero.
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