Mumbai: Anil Ambani-controlled Reliance Communications Ltd, Reliance Power and Reliance Infrastructure Ltd, Reliance Capital Ltd and Reliance Naval and Engineering Ltd on Monday surged intraday over 17.64%, 14.71%, 11.88%, 11.51% and 9.94%, respectively, after ADAG firms reached an agreement with more than 90% of lenders under which they won’t sell any shares pledged by promoters until September.
Under the pact, the group will pay the principal and interest amounts to the lenders as per the scheduled due dates, while it has also appointed investment bankers for part placement of the group’s direct 30% stake in Reliance Power to institutional investors, Reliance Group said. The investment bankers will begin road shows for the share placement, they added.
