Reliance Infra, an Anil Ambani owned company is the second top gainer on the BSE currently; it went up almost 9% to Rs.477.80, with volumes jumping up over 4 times.
The company announced the successful completion of the sale of its 100% shareholding in Integrated Mumbai Power Distribution Business to Adani Transmission Ltd.
The deal was announced in December 2017 with the signing of a definitive binding agreement between Reliance Infrastructure Ltd. and Adani Transmission Ltd., and has now been completed with transfer of shares and receipt of sale consideration.
The total transaction value is Rs.18,800 crore. Reliance Infrastructure has reduced debt liabilities by Rs. 13,800 crore from the deal proceeds.
Regulatory Assets under Approval of Rs.5,000 crore will flow entirely to Reliance Infrastructure and it could become debt-free in 2019.
The company’s debt is expected to come down from Rs.22,000 crore to Rs.7,500 crore.
This is the largest ever debt reduction for any company in power sector in India.