Most lenders to the Anil Ambani-led Reliance Group have agreed to an in-principle standstill not to sell any of the promoters’ pledged shares till September, 30, 2019.
The agreement ensures that lenders, who have taken the group’s equity shares as collateral, would not enforce security and sell any of the promoters’ pledged shares on account of lower collateral cover or reduced margin due to the recent unprecedented fall in share prices of the group’s listed entities. According to sources close to the company, Reliance Group has committed to pay the principal and interest to the lenders, as per the scheduled due dates specified in the loan agreements.
The group has also appointed investment bankers to place a part of its direct 30 per cent shareholding in Reliance Power Ltd to target institutional investors, according to sources. The roadshow for the same is expected to start next week.
