Reliance Infra promoters plan to raise shareholding

Mumbai

Promoter shareholding in the company as of March 31, 2020 stood at 14.70 per cent, of which Anil Ambani’s family holds 0.25 per cent. Reliance Project Ventures and Management holds 10.61 per cent, while Reliance Big Private Limited holds 3.83 per cent. At the Annual General Meeting of Reliance Infrastructure, Ambani also said the  company will be debt free during the current financial year. The Chairman also announced to forego his compensation for the current financial year. The management of the company and the employees have also agreed on reduction in compensation up to 50 per cent.

 He also assured the shareholders that no potential liability will impact the operations of the company. Regarding the claim of Chinese Banks, he said the loan in respect of which the proceedings have been initiated was not for any personal borrowing, but for a corporate loan which was availed by Reliance Communications in the normal course of business in 2012 from a consortium of three Chinese banks – CDB, ICBC and C-EXIM – for global refinancing.

 Ambani noted the guarantee on the basis of which the claim was made was admittedly not signed by him.