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Statement by Reliance Group's chairman Anil D Ambani

Posted On: 2019-06-11 13:13:11

A Reliance Group Spokesperson issued the following statement today on behalf of Reliance Group Chairman Anil D Ambani:

1. Reliance Group Chairman Anil D. Ambani today stated that unwarranted rumour mongering, speculation, and bear hammering of all Reliance Group companies shares over the last few weeks, "has caused grave damage to all our stakeholders."

2. He said that he was personally anguished and deeply concerned for the Group's over 7 million strong retail shareholders base, perhaps the largest in the world. He added that their unstinted support is the bedrock of the young and dynamic group.

3. Anil Ambani said it was heartening for him personally, that over the past 12 months, retail shareholding across all companies remained uneroded and consistent, cementing his belief of the strong support and good wishes of all shareholders for the Reliance Group.

4. Anil Ambani stated that the Reliance Group has made aggregate debt servicing payments of over Rs. 35,000 crore in the 14 month period from April 1, 2018 till May 31, 2019. These comprise principal repayments of Rs. 24,800 crore and interest payments of Rs. 10,600 crore.

5. He said this amount included inter alia debt servicing payments by Reliance Capital Group, Reliance Power group and Reliance Infra Group, and their respective affiliates.

6. Anil Ambani said these payments have been made in the face of insurmountable odds and the most challenging financial environment witnessed in the country in decades.

7. Anil Ambani pointed out that during this entire period, lenders from all categories - whether banks, mutual funds, insurance companies, provident funds or NBFCs - have provided ZERO net additional liquidity or debt to any entity of the Reliance Group.

8. He added that to compound matters, the regulatory bodies and Courts have not passed any final adjudication orders on claims aggregating to over Rs. 30,000 crore that are due for more than 5 - 10 years to various Group companies, especially Reliance Infrastructure Ltd. and Reliance Power Ltd., and their affiliates. He said final decisions have only been inordinately and repeatedly delayed for one reason or the other.

9. Mr. Ambani disclosed that the debt servicing payments of the aforesaid staggering amount of over Rs. 35,000 crore have necessarily had to be made almost entirely from asset monetisation (despite a liquidity starved environment), and operational cash flows (in an operating environment beset by procedural and regulatory hurdles).

10. He regretted the continuing total apathy and lack of any support whatsoever from the financial system, which he said ultimately only significantly hurt the interests of lenders themselves as well as all other stakeholders. He strongly emphasized that the Reliance Group has demonstrated its bonafides in no uncertain manner as above.

11. Anil Ambani reaffirmed that the Group was fully committed to meeting all future debt servicing obligations in a timely manner, through further asset monetisation plans that are already at various stages of implementation.

12. In conclusion he stated that he was confident that with the support of all his colleagues in the Reliance Group, the journey undertaken to transforming the Group to be capital light, bare minimal debt, and higher return on equity, will enhance value for all Reliance Group shareholders.

Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.64.2 as compared to the previous close of Rs. 74. The total number of shares traded during the day was 5631106 in over 25241 trades.

The stock hit an intraday high of Rs. 73.5 and intraday low of 61.3. The net turnover during the day was Rs. 375999728.

Source: Equity Bulls

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