Shares of Anil Ambani-led Reliance Group companies rallied on Monday after it reached an agreement with lenders to not sell any shares pledged by promoters till September.
The pact comes just days after some lenders had dumped pledged shares after a sharp fall in share prices led to a plunge in the value of their collateral.
Under the new pact, the Reliance Group will pay principal and interest to the lenders, according to the scheduled due dates specified in the loan agreements, an official spokesperson of the group said.
The group also told lenders it has appointed investment bankers to sell its 30 per cent shareholding in Reliance Power (RPower). Shares of RPower gained the most at 11.3 per cent, followed by Reliance Infrastructure (RInfra), which rallied 10.9 per cent. In intra-day trade, the two stocks had gained as much as 20 per cent. Reliance Capital settled 2.9 per cent higher after advancing as much as 12 per cent on the news.
