RInfra defaults on Rs 133 cr NCD redemption payment

Reliance Infrastructure (RInfra)has defaulted on payment of redemption of nonconvertible debentures (NCDs) amounting to Rs 133.38 crore.

The company, however, said it expects to make these payments in the next few days from the proceeds from the sale of Mumbai Power Business to Adani Transmission for Rs 18,800 crore.

"The entire proceeds of the sale transaction have been earmarked for the payment of various debt including the final redemption of Series 3 NCDs amounting to Rs 133.38 crore due on August 20, 2018," RInfra said in a BSE filing.

"The company expects to make these payments in the next few days from the proceeds of the aforesaid sale transaction, and the debenture holders have duly been informed in this regard," it added.

RInfra said it has obtained all relevant approvals from fair trade regulator CCI, shareholders of the company, Maharashtra Electricity Regulatory Commission, and others.

All lenders have provided their NOCs, and the company expects to close the transaction within the next few days.

"The proceeds are to be used entirely for debt reduction," it added.

Shares of RInfra were trading 1.46 percent lower at Rs 413.75 apiece on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)