Anil Ambani is trying to get out of the debt trap. In the past few months, several companies of Reliance Group of Anil Ambani have sold their property. At the same time, necessary steps have been taken to reduce the debt of Reliance Power.
In fact, Reliance Power has invested Rs 1,325 crore on a priority basis for its promoter, Reliance Infrastructure (RINFRA). The objective of issuing shares and warrants to RINfra is to reduce Reliance Power’s single debt to Rs 1,325 crore. “Shareholders of Reliance Power Limited (Reliance Power) have been approved by a majority by postal ballot,” the company said in a statement.
Following this, the share of Reliance Infrastructure and other pioneering group in Reliance Power is increased to 24.98. At the same time, once the warrant is converted into shares, their share reaches 38 percent. This would benefit 8 lakh shareholders of Reliance Infrastructure. Last month, Reliance Power said it intends to be debt-free. The total debt of Reliance Power will be reduced to Rs 3200 crore by 2021-22, the company said.
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Reliance Power’s share price: Let us tell you that Reliance Power’s stock price has been trading for the past few days. On the third trading day of the week, the BSE index closed at Rs 13.41.