According to reports, the lenders to ADAG have agreed not to sell pledged shares in the group till September. That apart, 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.
According to the source, the group has promised to pay the principal and interest to the lenders in line with the scheduled due dates specified in the loan agreements, Business Standard reported. CLCIK HERE TO READ FULL REPORT
Following the report, the stock of ADAG companies – Reliance Communications (up 18 per cent at Rs 6.47), Reliance Power (15 per cent at Rs 11.70), Reliance Infrastructure (12 per cent at Rs 129), Reliance Capital (12 per cent at Rs 166), Reliance Naval and Engineering (10 per cent at Rs 9.40), Reliance Home Finance (10 per cent at Rs 26.20) and Reliance Nippon Life Asset Management (8 per cent at Rs 163) – were up more than 5 per cent on the BSE in intra-day trade. In comparison, at 09:26 am; the S&P BSE Sensex was down 0.31 per cent at 35,698 levels.
Thus far in February, most of the ADAG companies had underperformed the market by falling by up to 81 per cent till Friday, as against 1.2 per cent decline in the S&P BSE Sensex. The combined market capitalisation of seven listed ADAG companies eroded by 69 per cent, or Rs 49,000 crore, to Rs 22,202 crore on Friday during this period.
|Company||31/01/2018||15/02/2019||% fall||18/02/2019*||% gain|
|* Intra-day high price on BSE in Rs|