To recall, shares of Anil Ambani's Reliance Power were trading for around Rs 260.78 in 2008 and after a massive downfall, the share price was around Rs 1.13 on 27 March 2020.
Anil Ambani, the younger brother of India’s richest man Mukesh Ambani, is on the rise again as his firm Reliance Power continues the bullish rally on stock market. Shares of Anil Ambani’s Reliance Power hit the upper circuit again after the long Holi weekend. Shares of Anil Ambani’s Reliance Power jumped 4.94% and hit the price of Rs 27.60 on the morning of March 26. For those who are unaware, the stock market is witnessing a strong comeback saga of Reliance Power whose shares once plummeted down to Rs 1 by over 99% percent from its peak price. The new jump from Reliance Power came after it signed a massive deal of Rs 132 crore with JSW Renewable Energy. Reliance Power is selling a 45 MW wind power project in Maharashtra to JSW Renewable Energy for Rs 1320000000.
To recall, 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. It recently settled debts owed to ICICI Bank, Axis Bank, and DBS Bank. The lenders jointly had around Rs 400 crore debt and have approximately recovered 30-35% of the principal loans. Anil Ambani’s firm is also reportedly heading towards Rs 2100 crore debt settlement with JC Flowers Asset Reconstruction Company.
Anil Ambani 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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