Brickwork Ratings (BWR) has withdrawn its 'D' ratings for non-convertible debentures of Reliance Infrastructure totalling Rs 4.68 billion.

BWR has withdrawn the rating of D for the NCD amounting to Rs 4.18 billion and BWR C for the NCD amounting to Rs 500 million of Reliance Infrastructure as the company has repaid the NCDs from the funds received from the sale of Integrated Mumbai Distribution Business to Adani Transmission.

The company last week completed a transformational transaction of sale of its its Mumbai Power Business and entire proceeds was used to pay debt including the above mentioned NCDs. The company had informed the bond holders that they would be paid out of the proceeds of the transaction.

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 declined Rs 0.55, or 0.12%, to trade at Rs 476.50. The total volume of shares traded was 357,169 at the BSE (11.37 a.m., Monday).