Bank of Baroda's ation on Reliance Communications has No Impact on Reliance Infrastructure Limited

Reliance Infrastructure Limited wish to clarify that the recent action by Bank of Baroda to classify the loan account of Reliance Communications Limited and Mr. Anil D Ambani, as fraud has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure.

Disclosures and records available in public domain indicate that aforesaid classification by Bank of Baroda for Reliance Communications and Mr. Anil Ambani, pertains to matters dating back 10 years ago.

Mr. Anil D. Ambani is not on the Board of Reliance Infrastructure Limited for more than 3.5 years.

At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon'ble Supreme Court, for the past six years.

Reliance Infrastructure is a separate and independent listed entity with no business or financial linkage to Reliance Communications.

Reliance Infrastructure continue to focus on its business plans and remain committed to creating value for all stakeholders.

Shares of Reliance Infrastructure Limited was last trading in BSE at Rs. 285.75 as compared to the previous close of Rs. 287.45. The total number of shares traded during the day was 88925 in over 1597 trades.

The stock hit an intraday high of Rs. 289.00 and intraday low of 280.00. The net turnover during the day was Rs. 25255980.00.

Source : Equity Bulls

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RelianceInfrastructure INE036A01016 RELINFRA Clarification BankofBaroda Action RelianceCommunications NoImpact