Reliance Infra rallies 6% as CRISIL changes ratings for NCDs

The stock moved higher by 6% to Rs 479 on the BSE after the company said the rating agency Crisil withdrawn its 'D' ratings for non convertible debentures (NCDs) worth of Rs 7.10 billion.

Shares of Reliance Infrastructure have moved 6% higher to Rs 479 on the BSE, after the company said the rating agency Crisil withdrawn its ‘D’ rating for non-convertible debentures (NCDs) worth of Rs 7.10 billion.

The company has repaid the NCDs from the funds received from the sale of Integrated Mumbai Distribution Business to Adani Transmission. The company had informed the NCD holders that they would be paid out of the proceeds of the transaction.

Earlier, Brickwork Ratings (BWR) had withdrawn its ‘D’ rating for the NCDs amounting to Rs 4.19 billion and BWR C for the NCD