TIL Desk/Business/Mumbai/ The Anil Ambani-led Reliance Group has reached an in-principle “standstill understanding” with more than 90 per cent of its lenders, the company said on Sunday.
A Reliance Group statement said that as per the understanding reached, 90 per cent of its lenders will not enforce security and will not sell any of the shares pledged by the promoters till September 30, 2019, on account of lower collateral cover or reduced margin caused by recent unprecedented fall in share prices.
The Anil Ambani Group will pay the principal and interest to the lenders as per the scheduled due dates specified in the loan agreements, it said. “We are grateful to our lenders for believing in the intrinsic and fundamental value of our companies, and granting their in-principle approval to standstill arrangements,” a Reliance Group spokesperson said.
“The Reliance Group has also informed the lenders that it has appointed investment bankers to place a part of its direct 30 per cent shareholding in Reliance Power Ltd to target institutional investors. “Roadshows by the investment bankers will commence during the next week,” the statement said.
