R-Infra defaults on Rs 1.33-bn NCDs, to pay after Mumbai distribution deal

Adani Transmission has a definitive binding agreement signed for 100% stake purchase of R-Infra's Mumbai Power Business in a deal valued at Rs 121 bn

Anil Ambani-led Reliance Infrastructure (R-Infra) has missed payments for its non-convertible debentures (NCDs) worth Rs 1.33 billion. In a statement to the BSE, the company said these payments will be made from the Mumbai distribution business sale proceeds.   

"The entire proceeds of the sale transaction have been earmarked for the payment of various debt, including final redemption of Series 3 NCDs amounting to Rs 133.38 crore (Rs 1.3338 billion) due on 20 August 2018," the company said in a statement to the exchanges. "The company expects to make these payments in the next few days from the proceeds of the