Reliance Infra demerger plan to be pushed to next fiscal

Firm moves HC, says unlikely to get lender, regulatory consent by May deadline

N Sundaresha Subramanian  |  New Delhi 

The Anil Ambani-promoted Reliance Infrastructure (RInfra) is likely to postpone its demerger plan to the next financial year. The company has moved the Bombay High Court, which is hearing its scheme of arrangement, seeking a change in the effective date of plan to April 1 this year.   The earlier date was April 1, 2016. After the scheme is approved, it would take effect in financial year 2017-18 (FY18). The court is likely to take up the matter early next week.   The Rs 6,282-crore restructuring scheme, by which RInfra plans to hive off its power generation and distribution ...

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Reliance Infra demerger plan to be pushed to next fiscal

Firm moves HC, says unlikely to get lender, regulatory consent by May deadline

Anil Ambani-promoted Reliance Infrastructure (R-Infra) islikely to postpone its demerger plan to the next financial year. The companyhas moved the Bombay High Court, which is hearing its scheme of arrangement,seeking to change the effective date of the plan to April 1, 2017 from April 1,2016 earlier. Accordingly, the scheme when approved would take effectin the financial year 2017-18. The court is likely to take up the matter on early nextweek.The Rs 6,282 crore restructuring scheme, by which it plans to hive off the power generation and distribution facilities to a separate entitycalled Reliance Electric Generation and Supply (REGSL), was initiated a year ago as part of its deleveraging efforts.In January, the court had asked R- Infra to obtain a writtenconsent from all the lenders, both secured and unsecured, and the deal alsorequired the consent of Maharashtra Electricity Regulatory Commission (MERC). In a plea seeking the change dated March 15, the company told the court it ... The Anil Ambani-promoted Reliance Infrastructure (RInfra) is likely to postpone its demerger plan to the next financial year. The company has moved the Bombay High Court, which is hearing its scheme of arrangement, seeking a change in the effective date of plan to April 1 this year.   The earlier date was April 1, 2016. After the scheme is approved, it would take effect in financial year 2017-18 (FY18). The court is likely to take up the matter early next week.   The Rs 6,282-crore restructuring scheme, by which RInfra plans to hive off its power generation and distribution ... image
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