Reliance Infrastructure defaults on Rs 133 cr non-convertible debentures redemption payment; shares down 1.46%
Reliance Infrastructure, however, 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 Rs 18,800 crore.
Representational image. Reuters.[/caption]"The entire proceeds of the sale transaction have been earmarked for the payment of various debt including the final redemption of Series 3 NCDs amounting to Rs 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," it added.RInfra said it has obtained all relevant approvals from fair trade regulator CCI, shareholders of the company, Maharashtra Electricity Regulatory Commission, and others.All lenders have provided their 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 percent lower at Rs 413.75 apiece on BSE.
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