Brickwork withdraws 'D' ratings for Reliance Infrastructure's NCDs totalling Rs 468.70 cr
Brickwork Ratings (BWR) has withdrawn its 'D' ratings for non-convertible debentures of Reliance Infrastructure totalling Rs. 468.70 crore.BWR has withdrawn the rating of D for the NCD amounting to Rs. 418.70 crore and BWR C for the NCD amounting to Rs. 50 crore of Reliance Infrastructure as the company has repaid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 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.
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