Shares of Reliance Infrastructure Ltd and Reliance Power Ltd rose sharply during fag-end trade on Friday. Reliance Infra's stock surged 13.52 per cent to hit a day high of Rs 243.50. And, RPower shares moved 5 per cent higher to touch its upper circuit limit of Rs 22.13.
Today's sudden upward move in the share price came after both the companies, in separate exchange filings, said, "We wish to inform that the company, in the capacity of a corporate guarantor to the financial facility availed by its associate company, Reliance Power Ltd (RPower), has, along with RPower, signed a settlement agreement with ICICI Bank Ltd (ICICI Bank) on March 14, 2024."
The entire obligation with respect to borrowings of RPower with ICICI has been settled by the said company and accordingly all potential obligations of the company with respect to the corporate guarantee stands extinguished, it added.
ICICI Bank holds 211 equity shares in Reliance Infra and 886 shares in RPower, the filings further stated.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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