Anil Ambani's Reliance Infra to raise USD 350 mn FCCB to repay rupee debt, expansion
Anil Ambani promoted Reliance Infrastructure plans to raise USD 350mn (Rs 3000 crore) through foreign currency convertible bonds (FCCB) to repay its rupee debt and start new businesses such as electric power generation. Reliance Infrastructure, which is in the construction of roads, metro rail, and generating power, also approved plans to float four companies last week, according to the disclosures made by the company to the stock exchange.
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The company has debt facilities in form of term loans on non-convertible debentures of Rs 2253 crore and Rs 703 crore respectively, according to a Care Rating report dated February 26 this year.
It has term loans from Rs 1505 crore from Yes Bank- which the bank sold to J C Flowers Asset Reconstruction Company IDBI Bank, Jammu & Kashmir Bank and Axis Bank has exposure of Rs 600 crore, Rs 82 crore and Rs 66 crore respectively, the same Care Rating report shows.
The company signed a standstill agreement with J C Flowers ARC in early January this year, under which the ARC agreed not to take legal action until at least March 20 to recover its dues. An exchange filing shows that this deadline was extended to March 31 and later to May 30.
A lender said the company had sought an extension of the standstill date to repay the balance debt.
Reliance Infrastructure said that it has paid Rs 1,347 crore to JCF ARC — of which Rs. 817 crore was paid till March 31 and balance of Rs 530 crore as on end April 2024, the company disclosed to exchanges.
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