Anil Ambani-led Reliance Group has reached a 'standstill agreement' with more than 90 per cent of its lenders under which they will not sell any of the shares pledged by promoters till September.
Under the pact, the group will pay the principal and interest amounts to the lenders as per the scheduled due dates, while it has also appointed investment bankers for part placement of the group's direct 30 per cent stake in Reliance Power to institutional investors, officials at the lenders and Reliance Group said.
The investment bankers will begin roadshows for the share placement soon, they added.
Some of the key lenders include Templeton MF, DHFL Pramerica MF, Indiabulls MF, IndusInd Bank and Yes Bank.
When contacted, a Reliance Group spokesperson said, "We are grateful to our lenders for believing in the intrinsic and fundamental value of our companies, and granting their in principle approval to standstill arrangements."