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Additionally, the company informed that it settled all its disputes with CFM Asset Reconstruction, and 100% of VIPL’s shares have been pledged to CFM in exchange for the release and discharge of the aforementioned guarantee provided by Reliance Power.
“Reliance Power Limited (Reliance Power) today announced that the entire obligations of the Company as a Guarantor on behalf of Vidarbha Industries Power Limited (VIPL) stand fully settled resulting in release and discharge of Corporate Guarantee, Undertakings and all obligations and claims thereunder in relation to the outstanding debt of VIPL amounting to INR 3872.04 Crore,” the company said in a filing to the exchanges.
In another filing on Wednesday, the company announced that VIPL has ceased to be a subsidiary, having settled all obligations and claims related to its outstanding debt.
Reliance Power stated that they now have zero debt from banks and financial institutions and the company’s net worth stands at Rs 11,155 crore as of June 30.
Recently, the stock also witnessed a surge after announcing that the company has secured a battery storage contract of 500 MW through the e-reverse auction (eRA) conducted by the Solar Energy Corporation of India (SECI). This involved the installation of a total of 1,000 MW of standalone BESS units, awarded on a build-own-operate (BOO) model for “On Demand” usage under a tariff-based competitive bidding process.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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