Anil Ambani group lenders not to sell pledged shares till September

Move follows understanding with 90% of creditors, group vows to stick to repayment schedule in loan agreements, promoters to sell 30% stake in RPower

Promoter entities of the debt-heavy Anil Ambani-led Reliance group have reached an in-principle understanding with a little more than 90 per cent of its lenders. 

The latter have agreed not to sell pledged shares in the group till September. And, the group informed the lenders that it had appointed investment bankers to sell up to 30 per cent of the shareholding in Reliance Power (R-Power) to institutional investors, to repay the banks.

“Road shows by the investment bankers will commence next week,” a source said.

By the understanding, the lenders will not enforce their security holdings and not sell any