Reliance Defence To Exit Corporate Debt Restructuring Scheme

Reliance Infrastructure Ltd (Rinfra) on Tuesday said that its unit Reliance Defence and Engineering Ltd (RDEL) has received approval for corporate debt restructuring empowered group (CDR EG) for exiting from the scheme.

RDEL said in a note, the previous day, that its existing debt of Rs 650 crore will be converted into equity shares at a price of Rs 59.35 per share.

Rinfra has increased its shareholding in RDEL to 31%, the company further stated in the note.
The tenure for the door-to-door RDEL's term loan stands extended to 18 years as part of refinancing scheme approved by the lenders.

Led by IDBI Bank Ltd, a consortium of lenders, gave its nod to RDEL's CDR exit plan on 20 April, with a longer maturity period for loans worth Rs 6,800 crore. Rinfra acquired Pipavav Defence and Offshore Engineering Co., which was renamed RDEL, in 2015.

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