Reliance Power was locked in upper circuit of 5% to Rs 26.27 after the company has said that it has fulfilled all of its obligations under the Settlement Agreement with regard to its borrowings from DBS Bank India.
The company said that the 45 megawatt (MW) Wind Power Project's assets are free of the encumbrance as a consequence of the Settlement Agreement dated 5 January 2024.Earlier in January, the company for the purpose of debt settlement had signed a settlement agreement with DBS Bank India (DBS) on 5 January 2024, in settlement of the entire obligations with respect to its borrowings.
Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, is India's leading private sector power generation and coal Resources Company. The projects under development include coal, gas, hydro, wind and solar-based energy projects. The company's operating portfolio includes ultra mega power projects (UMPPs) of 5945 MWs. The company is primarily engaged in the business of generation of power.
The company reported consolidated net loss of Rs 1,136.75 crore in Q3 FY24 as compared with net loss of Rs 291.54 crore posted in Q3 FY23. While net sales stood at Rs 1,946.58 crore in Q3 FY24, up 3.2% year on year.
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