In a major relief to Anil Ambani, his Reliance Group is understood to have reached an in-principle standstill understanding with more than 90 per cent of its lenders at the promoter group level.
Under the pact, these 90 per cent lenders, largely comprising mutual funds, will not enforce security and sell any of the promoters’ pledged shares till September 30 on account of lower collateral cover or reduced margin following the recent fall in their share prices. It covers the promoter group’s shares held in Reliance Power, Reliance Capital and Reliance Infrastructure.
According to the understanding, the Anil Ambani-group will pay the principal and interest to the lenders according to the scheduled due dates specified in the loan agreements.
