Reliance Infrastructure signs ICA with 16 lenders; stock rallies

Reliance InfrastructureNSE 1.47 % has signed an Inter-Creditor Agreement (ICA) with all 16 of its lenders that gives the company 180 days to resolve its debt crisis, the Anil Ambani-led company said Thursday.

Reacting to the news, shares of the company rose 12.2% to Rs 51.60 on the Bombay Stock Exchange at 14:35 IST. The ICA sets the ground rules for resolution of stressed assets when the debtor is not in a position to pay dues.