Comments
Crisil has withdrawn its ‘Default’ rating on the ₹585 crore non-convertible debentures (NCD) and ₹125 crore bonds of Anil Ambani-led Reliance Infrastructure Ltd at the company’s request and on receipt of confirmation from its statutory auditors, the rating agency said in its report.
RInfra last week informed the stock exchanges of the repayment of these NCDs/bonds from the closure proceeds of sale of the integrated power distribution business in Mumbai to Adani Transmission Ltd. The ₹18,800 crore deal closed last week.
Earlier, Brickwork rating agency withdrew its ‘D’ rating for ₹418 crore NCDs and BWR ‘C’ for Rs 50 crore NCDs.
Crisil had on July 31, 2018, downgraded its rating on RInfra’s ₹585-crore NCDs and ₹125 crore bonds to 'CRISIL D' from 'CRISIL BBB+/Watch Developing’ as the company did not pay interest and principal obligations. The non-payment was disclosed in the company's regulatory filing.
Closing the deal with Adani Transmission would help Reliance Infrastructure pare its ₹22,000 crore debt by two-thirds to ₹7,500 crore, the company’s Chairman Anil Ambani has said. According to him, the company will turn debt-free by next year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.