Anil Ambani’s Reliance skyrockets on share market, once lost 99% of value, now soaring after Rs 8000000000…

Anil Ambani, the younger brother of India’s richest man Mukesh Ambani with Rs 954203 crore net worth, is scripting a massive comeback with Reliance Power. Shares of Anil Ambani owned Reliance Power touched the upper circuit on June 11. After nearing 52-week high levels, stock of Anil Ambani’s Reliance Power closed at 28.67 apiece on BSE. The jump came after Reliance Power became a debt free company on a standalone basis. Anil Ambani Reliance Power had a debt of around Rs 800 crore and it has paid all the outstanding dues to the lending banks. Over the past few months, the company signed numerous debt settlement agreements with a range of banks including ICICI Bank, Axis Bank, DBS and IDBI Bank.

To recall, Reliance Power share in 2008 was trading for around Rs 260.78 and after a massive downfall, the share price was around Rs 1.13 on 27 March 2020. After making a slow recovery over the years, Anil Ambani’s Reliance Power once again has the attention of traders. Anil Ambani was once one of the richest in the country and the sixth richest man in the world and had a net worth of more than Rs 1.83 lakh crore. However, Anil Ambani declared bankruptcy before a UK court in February 2020.

Anil Ambani’s Reliance Power currently has an equity base of Rs 4016 crore with participation of more than 38 lakh retail investors. It has an operating capacity of 5900 MW including 3960 MW Sasan UMPP and 1200 MW Rosa Thermal power plant in Uttar Pradesh.