Anil Ambani’s Reliance Group To Take Legal Steps To Protect Stakeholders As Shares Tumble
Reliance Group said it will take legal steps to protect its shareholders after the Anil Ambani group entities lost more than a third of their market value in five days.
“The board of directors has recommended and approved that the company shall take all appropriate legal steps to protect and enhance the value of all its stakeholders, especially more than 31.75 lakh retail shareholders,” Reliance Power Ltd. said in an exchange filing. Reliance Infrastructure Ltd. and Reliance Capital Ltd also said their boards had approved legal measures.
The group alleged that L&T Finance Ltd. and Edelweiss Group's “illegal” sale of pledged shares in Reliance Power, Reliance Infrastructure., Reliance Communications Ltd. and Reliance Capital caused a 55 percent drop in their market capitalisation this week. Both creditors, however, refuted the allegations.
The non-bank lenders sold 31.9 crore pledged shares of the four companies in the open market, leading to a 3-8 percentage-point reduction in founders' stakes in these firms.
Reliance Communications decision to voluntary approach the insolvency court also aggravated the selloff.
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