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Last Updated : Jul 11, 2019 02:52 PM IST | Source: Moneycontrol.com

Reliance Power climbs 12% on recast of loan for Samalkot project

The recast of loan comes at a low-interest rate of only 2.65 percent per annum

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Reliance Power shares rallied 12.5 percent intraday on July 11 after the company announced a recast of loan for Samalkot project.

"Samalkot project successfully recasted Rs 2,430 crore (around $347 million) loan from US—Exim," the Anil Dhirubhai Ambani Group company said in its BSE filing.

The company further said amortizing repayment schedule has been converted into bullet repayments and final loan maturity has been extended to June 2022.

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The recast of loan comes at a low-interest rate of only 2.65 percent per annum, it added.

Reliance Power said it is in advanced stages of development of Bangladesh project and relocating Samalkot modules to Bangladesh.

The stock was quoting at Rs 4.33, up Rs 0.34, or 8.52 percent on the BSE at 1410 hours IST.

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First Published on Jul 11, 2019 02:52 pm
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