Reliance Infrastructure Ltd. has defaulted on payment of redemption of non-convertible debentures amounting to Rs 133.38 crore.
The company, however, said it expects to make these payments in the next few days from the proceeds from the Rs 18,800-crore sale of Mumbai Power Business to Adani Transmission.
“The entire proceeds of the sale transaction have been earmarked for the payment of various debt including final redemption of Series 3 NCDs amounting to Rs 133.38 crore due on August 20, 2018,” Reliance Infrastructure said in a BSE filing.
“The company expects to make these payments in the next few days from the proceeds of the aforesaid sale transaction, and the debenture holders have duly been informed in this regard,” it added.
Reliance Infrastructure said it has obtained all relevant approvals from fair trade regulator Competition Commission of India, shareholders of the company, Maharashtra Electricity Regulatory Commission, and others.
All lenders have provided their no-objection certificates, and the company expects to close the transaction within the next few days. “The proceeds are to be used entirely for debt reduction,” it added.
Shares of RInfra were trading 2.46 percent lower at Rs 409.55 a piece on the BSE at 2:40 p.m.
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