2024-03-22 01:47:17
Mumbai: You must be aware of Anil Ambani, younger brother of Reliance Industries Chairman Mukesh Ambani. He has not been having good days since last few years. But now his days may be over. This indication is coming from the share price of his company Reliance Power. Today, Reliance Power shares are stuck in the upper circuit in BSE.
Why was the upper circuit installed?
Just today the news came that Anil Ambani’s companies are rapidly repaying their loans. According to information received from sources, Reliance Power settled the dues of three banks ICICI Bank, Axis Bank and DBS Bank last week. Similarly, its parent company Reliance Infrastructure is also working towards clearing the dues of Rs 2,100 crore of JC Flowers Asset Reconstruction Company. However, due to upper circuit in the stock, its trading came to a halt. But shareholders are happy.
Movement seen in stock market
Reliance Power shares closed at Rs 22.70 yesterday in BSE. At the start of trading today, it opened at Rs 23.80. During trading it fell to Rs 23.11. After this, within a short time it increased to Rs 23.83. This is five percent more than the open price. This is its upper circuit.
Where to get the money to repay the loan
According to the information given by Reliance Power to the stock exchanges, the company raised equity of Rs 240 crore from VFSI Holdings on March 13. Probably the dues of the banks have been paid with this amount. VFSI Holdings is a subsidiary of global asset management firm Varde Partners.