The Anil Ambani Group is believed to have reached an in principle understanding with more than 90 per cent of the lenders at the Promoter Group level. The group has also informed the lenders that it has appointed investment bankers to place a part of its direct 30 per cent shareholding in Reliance Power Ltd. to target institutional investors. Roadshows by the investment bankers will commence during the next week.This is similar to an arrangement the Essel group has reached with its lenders earlier in January. In the case of Essel group, as per the consent, the lenders agreed that there will not be any event of default declared till September 30, 2019, due to the movement in the stock price of Essel Group’s mentioned listed corporate entities. However, loan exposure of L&T Finance is now nil, and Edelweiss Group is only Rs 150 crores.

Source: Economic Times February 17, 2019 10:53 UTC