Reliance Infrastructure announced that Crisil has withdrawn its 'D' ratings for NCDs of Reliance Infrastructure's totalling Rs 7.10 billion.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Earlier, BWR has withdrawn its 'D' rating for the NCDs amounting to Rs 4.18 billion and BWR C for the NCD amounting to Rs 500 million of Reliance Infrastructure.
The company last week completed a transformational transaction of sale of its Mumbai Power Business and entire proceeds were used to pay off above mentioned debt and NCDs.
Reliance Infrastructure Chairman Anil D Ambani recently said he expects top-end ratings for the company with the closure of the deal for the Integrated Mumbai Distribution Business and drastic fall in debt liabilities.
Shares of the company gained Rs 6.9, or 1.52%, to trade at Rs 460.20. The total volume of shares traded was 266,868 at the BSE (10.25 a.m., Wednesday).