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Reliance Project Ventures pledges 1.48% stake in Reliance Power

Reliance Project Ventures and Management Private Ltd pledged 1.48 per cent stake or 4,15,00,000 shares

twitter-logoBusinessToday.In New Delhi Last Updated: May 25, 2020 | 13:34 IST
Reliance Project Ventures pledges 1.48% stake in Reliance Power
Citi Securities and Financial Services Private Limited is the entity in whose favour the shares were encumbered

The promoter group entity of Reliance Power Limited has pledged 1.48 per cent of the company's shares, according to an exchange filing on Saturday. Reliance Project Ventures and Management Private Limited pledged 1.48 per cent stake or 4,15,00,000 shares. With this pledge, the total pledged shares by the promoter entity stands at 61.42 per cent of the total share capital in the company. Citi Securities and Financial Services Private Limited is the entity in whose favour the shares were encumbered.

Similarly, Reliance Project Ventures and Management Private Limited, promoter of Reliance Infrastructure Limited, pledged 4.66 per cent of share capital, a regulatory filing on May 23 said. It encumbered 1,22,50,000 shares in favour of Citi Securities and Financial Services Private Limited. Post this, percentage of total share capital encumbered stands at 10.50 per cent.

In a separate development, Reliance Infrastructure had reportedly hired KPMG to search for buyers for the 51 per cent stake each it holds in BSES Rajdhani Power (BRPL) and BSES Yamuna Power (BYPL). In August 2018, Anil Ambani sold the Mumbai city power distribution business to Adani Transmission Ltd for Rs 18,800 crore.

Meanwhile, a UK court last Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days. The direction was for loans taken by group company Reliance Communications. In 2019, Anil Ambani had faced the prospect of a jail term for delaying payments to Ericsson.

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Also read: Domestic flights resume: Returning to your hometown? Check out guidelines, quarantine rules

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