Reliance Power: Rs 131 Crore Default Case - Anil Ambani's Company Shares Update

Reliance Power: Rs 131 Crore Default Case - Anil Ambani's Company Shares Update

Anil Ambani run Reliance Power Limited on Friday, December 6 said its subsidiary, Samalkot Power Ltd has settled the outstanding interest of  $15.5 Million.

What Did Reliance Power Limited Say?

"We wish to inform that Samalkot Power Limited (Samalkot), a subsidiary of the Company has paid in full, its outstanding interest in default on its Term Loan with ExportImport Bank of the United States."Reliance wrote, in a BSE Filing.

The notification further said, "Consequent to the aforesaid payment by Samalkot, the default of the Company as a Guarantor to the aforesaid loan stands cured. The requisite disclosure is set out in Annexure A to this letter."

Reliance Power Settles Interest: Details

The filing also listed the details of the transaction:

• Actual amount involved in the default if any: US$ 15.48 Million
• Actual impact of such default on the listed entity and its financials: Contingent liability on the Company
• Corrective measures taken by the listed entity on account of such default: Samalkot Power Limited (Samalkot), a subsidiary of the Company has paid in full, its outstanding interest in default on its Term Loan with Export-Import Bank of the United States.
  Consequent to the aforesaid payment by Samalkot, the default of the Company as a Guarantor to the aforesaid loan stands cured.

Reliance Power Settles Interest: Impact On Stock Market

The stocks of Reliance Power went up by 1.82 per cent, and stand at Rs 45.30 a piece.

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