Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

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

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

TCS Named 2018 Top Supplier of the year by QIAGEN

International Paper APPM Ltd announces annual outage from July 29, 2019 to Aug 28, 2019

Rajesh Exports bags new export order worth Rs. 942 crores from Germany, Europe

Indostar Capital Finance Limited and ICICI Bank Limited partner to finance Commercial Vehicles

BHEL successfully commissions Chhukha Unit-1 in Bhutan

Asian Oilfield Services receives orders of $37 mn

GAIL India Ltd fixes July 10, 2019 as record date for bonus issue

Blue Star Ltd receives single largest order from Mumbai Metro

Jubilant FoodWorks Ltd announces change in directorate

L&T Construction awarded contract for water supply and distribution in Sri Lanka

Polyplex Corporation Ltd's subsidiary to set up 60000 TPA BOPP film line project

JV Partners announce Final Investment Decision for initial two LNG train Project Development

Mahindra announces price increase for personal range of vehicles from July 1, 2019

Lawreshwar Polymers Ltd proposes name change

Thomas Cook India releases its Summer Report 2019

Asian Granito India Ltd inaugurates its largest - 25,000 sq feet tiles and Sanitaryware display showroom in Himmatnagar

ONGC Videsh Ltd, JV partners announce Final Investment Decision for initial two LNG train Project Development

Inspirisys Solutions Ltd to allot 56,25,000 shares to CAC Holdings Corporation at Rs. 54.30

HCL Technologies selected by Cricket Australia as Digital Technology Partner

Cognizant to acquire Zenith Technologies, a Leader in Life Sciences Manufacturing Technology Services

IndiGo awarded 'Best Low-Cost Airline in Central Asia/India' by Skytrax tenth year in a row

Chambal Fertilisers and Chemicals Limited updates on credit rating of Commercial Paper

NLC India Ltd commissions 100 MW solar PV power plant

RMG Alloy Steel Limited board approves issue of securities

Dabur India Ltd board to consider Q1 results on July 19, 2019

Sportking India Ltd updates on credit rating

Sundaram Multi Pap Ltd receives BB+ rating from Brickwork

Canara Bank to initiate process to sell stake in Can Fin Homes Ltd

Coromandel Engineering Company Limited to issue CNPRPS on private placement basis

Wintac Ltd board to re-initiate delisting process proposed by Veego Pharma LLC

Adlabs Entertainment Ltd announces resignation of Ms. Meghna Ghai Puri

TCS Named a Leader in Next-Gen Testing Services by NelsonHall

Trent Ltd to raise Rs. 950 crores from Tata Sons Pvt Ltd

Canara Bank to raise Rs. 6000 crores through equity issue

Infosys recognized as winner for 2019 Microsoft Global Alliance SI Partner of the Year

HCL Technologies celebrates 20 years of Innovation in Australia and New Zealand

WABAG secures One City One Operator contracts in Uttar Pradesh worth INR 1,477 Crore

Hexaware Ranks No. 1 Among the Top Service Providers in Overall Customer Satisfaction in Whitelane's IT Sourcing Study

KNR Srirangam Infra Pvt Ltd receives appointed date from NHAI

David Hennah quits Finastra to join Intellect Global Transaction Banking

V-Mart Retail Ltd opens two new stores in Bihar, Madhya Pradesh

Berger Paints India Ltd board to announce Q1 results on August 5, 2019

Saregama reinvents Carvaan with hundreds of Podcasts

KGI Bank Prepares for its Next Phase of Growth with TCS BaNCS

Capital Trust Ltd enters into business partnership agreement with IDFC Bank Ltd

CARE assigns rating to PNC Challakere Karnataka Highways Pvt Ltd

Omkar Speciality Chemicals Ltd reports Q4 FY19 results

Surya Roshni Ltd bags order for Rs. 151.88 crore

Hatsun Agro Product Ltd to commission cattle feed unit in Maharashtra

Lalit Polymers & Electronics Ltd board to consider issue of Redeemable Preference Shares







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019