Reliance Commercial to infuse Rs 1,043 cr in Reliance Infra, Reliance Power
Reliance Infrastructure and Reliance Power, are between them raising ₹1,043 crore from Reliance Commercial Finance, a wholly owned subsidiary of Authum Investment & Infrastructure, by allotting preferential shares.
Last October, Reliance Commercial Finance, an erstwhile Anil Ambani company, was acquired by Authum in an out-of-court debt resolution process.
Reliance Commercial has proposed to invest ₹891 crore in Reliance Infrastructure and ₹152 crore in Reliance Power, according to stock exchange disclosures.
After this transaction, Reliance Commercial will hold 11% equity in Reliance Infrastructure and 2% in Reliance Power.
Reliance Commercial Finance is a subsidiary of Reliance Home Finance, which in turn is a subsidiary of Reliance Capital, an Anil Ambani company that is undergoing corporate insolvency.
Prior to 2020, Reliance Infrastructure and Reliance Power had provided a guarantee on the loans availed of by Reliance Commercial Finance and Reliance Home Finance. Authum, as the new owner of Reliance Commercial, invoked these guarantees.
