Anil Ambani’s firm is now planning to head towards Rs 2100 crore debt settlement with JC Flowers Asset Reconstruction Company.
Anil Ambani is once again the part of headlines all over India as his key firm Reliance Power’s powerful rally in the stock market continues. According to data shared by Bombay Stock Exchange (BSE), shares of Anil Ambani’s Reliance Power once again hit the upper circuit and were trading for Rs 23.83. For those who are unaware, this is the third time that stocks of Reliance Power have touched the upper circuit in the past few days. The strong rally of Anil Ambani led Reliance Power’s stocks is a big comeback saga as the shares once plummeted down to Rs 1 by over 99% percent from its peak price. Reliance Power share in 2008 was trading for around Rs 260.78 and after a massive downfall, the share price was around Rs 1.13 on 27 March 2020. After making a slow recovery over the years, Anil Ambani’s Reliance Power once again has the attention of traders.
To recall, Reliance Power was India’s largest IPO in 2008. It was subscribed in less than 60 seconds. The rapid rally of Reliance Power came after reports of the firm settling debt with three major banks surfaced online. Anil Ambani’s Reliance Power has settled the debts owed to ICICI Bank, Axis Bank, and DBS Bank. According to a report by Economic Times, the lenders jointly had around Rs 400 crore and have approximately recovered 30-35% of the principal loans. The report also suggests that Anil Ambani’s firm is now planning to head towards Rs 2100 crore debt settlement with JC Flowers Asset Reconstruction Company.
Anil Ambani is the younger brother of India’s richest man Mukesh Ambani. He was once one of the richest in the country and the sixth richest man in the world and had a net worth of more than Rs 1.83 lakh crore. However, Anil Ambani declared bankruptcy before a UK court in February 2020.
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