Reliance Infrastructure receives CDR Empowered Group approval to exit from CDR scheme

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Reliance Infrastructure Limited (‘RInfra') controlled Reliance Defence and Engineering Limited (‘RDEL') has received approval from the CDR Empowered Group (‘CDR EG') for exiting from the CDR scheme. As part of the Refinancing Scheme approved by the Lenders, the door-to-door tenure of RDEL's term loans stands extended to 18 years. Pursuant to the Refinancing Scheme, RDEL's existing debt of about Rs. 650 crore will also be converted into equity shares at a price of Rs. 59.35 per Equity Share. Shareholders of RDEL by an overwhelming majority of 100% had already approved the said issue of equity shares to Lenders by conversion of debt, at the extraordinary general meeting held on March 20, 2017. In line with the RBI approval, RInfra through its subsidiary has also increased its shareholding in RDEL to nearly 31%.Source : BSE