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Reliance Infrastructure promoters plan to raise shareholding
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SME Times News Bureau | 23 Jun, 2020
Reliance Infrastructure Chairman Anil Ambani said on Tuesday that
promoters of RInfra are planning to raise their shareholding in the
company.
Promoter shareholding in the company as of March 31,
2020 stood at 14.70 per cent, of which Anil Ambani's family holds 0.25
per cent. Reliance Project Ventures and Management holds 10.61 per cent,
while Reliance Big Private Limited holds 3.83 per cent.
Speaking
at the Annual General Meeting of Reliance Infrastructure, Ambani also
said that the company will be debt free during the current financial
year.
The Chairman also announced to forego his compensation for
the current financial year. The management of the company and the
employees have also agreed on reduction in compensation up to 50 per
cent.
He also assured the shareholders that no potential liability will impact the operations of the company.
Regarding
the claim of Chinese Banks, he said that the loan in respect of which
the proceedings have been initiated was not for any personal borrowing,
but for a corporate loan which was availed by Reliance Communications in
the normal course of business in 2012 from a consortium of three
Chinese banks -- CDB, ICBC and C-EXIM -- for global refinancing.
Ambani
noted that the guarantee on the basis of which the claim was made was
admittedly not signed by him. In fact, he had only signed a power of
attorney limited to executing a non-binding letter of comfort to the
Chinese Banks.
As per the UK Court's order, the final amount owed
under the alleged guarantee will be assessed based on the outcome of
the RCOM insolvency resolution process. In addition, he will avail all
available legal remedies in India to protect his interest.
With
regard to the proceedings filed by the SBI, Ambani emphasised that this
also does not relate to any personal borrowing, but arose out of a
guarantee given for a loan which was availed by Reliance Communications
and Reliance Infratel way back in 2016 to repay the debts of Chinese and
certain other Indian Banks.
The Chairman reassured fellow
shareowners that none of these potential liabilities, if any, would have
the slightest bearing whatsoever on the operations of the company,
Reliance Infrastructure Ltd, or its bright future prospects.
He
also reassured the fellow shareholders that his sole desire was to
assist the RCom Group, and not to make any personal gains. It was also
to demonstrate his unflagging commitment to the best interests of all
the stakeholders.
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