Anil Ambani-promoted Reliance Infrastructure (RInfra) on Thursday said that all the 16 lenders have signed the inter-creditor agreement (ICA) that aims to speed up the process of stressed asset resolution. The infrastructure company, which has a debt of about Rs 7,200 crore, aims to be debt-free in 2020.
In a stock exchange filing, RInfra said that sixteen lenders have already signed the agreement.
"As per the RBI Circular of June 7, 2019, 100 per cent of its lenders have signed the ICA for the resolution of Reliance Infrastructure's debt," the company said in a filing to the Bombay Stock Exchange.
According to the Reserve Bank of India (RBI) framework, resolution plan has to be agreed to by 75 per cent of the lenders by value of debt and 60 per cent by the number of lenders.
Reliance Infrastructure has now achieved stand still for 180 days as per the ICA, it said.
According to the RBI circular, the resolution plan of Reliance Infrastructure is to be implemented within 180 days.
"Reliance Infrastructure is confident of implementing its resolution plan well before the 180-days deadline based on advanced progress of its various asset monentisation initiatives," the debt-laden ADAG group company said.
The company further stated that it has already announced the sale of Delhi-Agra Toll road for an enterprise value of Rs 3,600 crore. With this single transaction, the debt of Reliance Infrastructure will reduce by over 25 per cent to just over Rs 4,000 crore, it said.
The Anil Ambani-led company is planning to monetise out its marquee headquarters - Reliance Center - in suburban Mumbai by way of a long-term lease, and utilise the entire proceeds to reduce debt.
Boosted by the debt resolution plan, shares of Reliance Infrastructure jumped 10.98 per cent to close at Rs 51.05 apiece on the Bombay Stock Exchange. During the day's trade, the scrip rallied as much as 15.76 per cent to touch an intra-day high of Rs 53.25 after opening flat at Rs 46.15.
Edited by Chitranjan Kumar