Reliance Infra shares in focus as SBI moves NCLT against subsidiary 

Shares of Anil Ambani-led Reliance Infrastructure Ltd  (Reliance Infra) said State Bank of India (SBI) has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KM Toll Road, a wholly owned subsidiary of the company, before the Hon'ble National Company Law Tribunal, Mumbai bench for a claim amount of Rs 233.44 crore (including interest).

KM Toll Road would seek appropriate legal advice and shall take appropriate steps to protect its interest in the aforesaid matter, Reliance Infra said in a BSE filing.

"The financial implication on the company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges," it said.

The stock was in news on Wednesday after the company said its promoter Jai Anmol Ambani has paid Rs 1 crore imposed by the market regulator Securities and Exchange Board of India (SEBI) in its order on September 23, without admitting the liability.

Jai Anmol Ambani was fined as he failed to exercise due diligence while approving general-purpose corporate loans in the Reliance Home Finance matter. While imposing a fine on Jai Anmol, SEBI also slapped a Rs 15 lakh fine on the former Chief Risk Officer of Reliance Home Finance, Krishnan Gopalakrishnan, for approving the loans.

Reliance Power earlier this week announced a preferential issue of 46.2 crore equity shares worth Rs 1,524.60 crore at a price of Rs 33 per share to Reliance Infrastructure Ltd and two other non-promoter entities namely Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Private Ltd (Sanjay Kothari and Meenakshi Sanjay Kothari.) 
 
With this, Reliance Infrastructure would hold 24.88 per cent and the aggregate shareholding of the promoter group would be 24.95 per cent of the paid-up equity share capital of the company post the allotment of up to 18,31,00,000 equity shares. It owned 93,01,04,490 shares or 23.15 per cent in Reliance Power as on June 30. 

Reliance Power recently said the company has been released and discharged of its corporate guarantee, undertakings and all obligations and claims in relation to the outstanding debt of subsidiary Vidarbha Industries Power (VIPL), amounting to Rs 3,872.04 crore. 

Reliance Power said it has zero debt from banks and financial institutions and that its networth stood at Rs 11,155 crore on a consolidated basis, as on June 30.