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Reliance Power Loan Free Payment: Two subsidiaries of power sector leading company Reliance Power have repaid the loan of Rs 1,023 crore to Reliance Commercial Finance, a unit of Otham Investments.
In the information given to the stock exchange, it has been said that two subsidiaries of Reliance Power Limited, Cli Power Private Limited and Reliance Cleangen Limited, have entered into a debt settlement and discharge agreement with the subsidiary company Reliance Commercial Finance Limited (RCFL). OTHAM INVESTMENT & INFRASTRUCTURE LIMITED. The company has said that a loan of Rs 1023 crore has been repaid.
debt-oriented
Reliance Power recently signed an agreement to sell a 45 MW wind power project in Maharashtra to JSW Renewable Energy for Rs 132 crore. At that time Reliance Power had said that the amount raised from the sale would be used to repay the loan.
It was also said that the target is to become completely debt free by the end of this year. Let us tell you that Reliance Power has paid the dues to three banks DBS Bank, ICICI Bank and Axis Bank during the last three months.
bullish stock prices
The impact of reduction in the burden also seems to be having a positive impact on the company's shares. For the last few days, Reliance Power shares are being bought from lower levels. Yesterday there was a bullish circuit in the shares of the company. Even today the share price of the company has increased by about 2 percent to Rs 28.55.
During the last eight sessions, the share price of the company has improved from Rs 20.40 to Rs 28. That means during this period there has been an increase of about 35 percent from the lower level.