Anil Ambani’s Reliance to raise Rs 30000000000, planning to repay massive loan of…

Anil Ambani, younger brother of Mukesh Ambani, is reportedly planning to raise Rs 3000 crore. As per a report by the Economic Times, Anil Ambani promoted Reliance Infrastructure will likely raise Rs 30000000000 through the foreign currency convertible bonds (FCCB). The funds will be used to repay its rupee debt. The business tycoon may also use the freshly raised funds to start new businesses including electric power generation. The company has also recently approved plans to float four companies. As per Care Rating report from February, Anil Ambani’s Reliance has debt facilities in form of term loans on non-convertible debentures of Rs 2253 crore and Rs 703 crore respectively.

Apart from this, Reliance Infrastructure also has Rs 1505 crore term loan from Yes Bank, now J C Flowers Asset Reconstruction Company. The company also has loans of Rs 600 crore, Rs 82 crore and Rs 66 crore from IDBI Bank, Jammu & Kashmir Bank and Axis Bank.

As per a source of the Economic Times, the funds raised from FCCB will likely be used to repay the remaining debt of JCF ARC and other banks and bondholders. To recall, Reliance Infrastructure has paid Rs 1347 crore to JCF ARC and it has to pay the remaining by May 30. The company has sought an extension of the standstill date to repay the balance debt.