Shares of Reliance Infrastructure Ltd. surged 5%, reaching a day’s high of Rs 254.30 on 18th September, after the company informed the exchanges that its external debt had been reduced to Rs 475 crore from Rs 3,831 crore.

Reliance Infra announced that Invent Assets Securitisation and Reconstruction Pvt. Ltd., one of its lenders, has novated certain charged securities to recover its outstanding dues.

Novating refers to the process of transferring securities to a clearing house, which then sells them to buyers to facilitate debt recovery.

As a result of this novation, the company has fully cleared the entire fund-based outstanding amount owed to Invent ARC, bringing the balance to zero.

The company has also settled its funded dues to Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, Union Bank, and other lenders, according to the exchange filing. Following these settlements, Reliance Infra’s net worth now stands at Rs 9,041 crore.

On 17th September, Reliance Infra announced that a one-time settlement was reached with Edelweiss ARC, resolving the company’s obligations related to Rs 385 crore worth of non-convertible debentures (NCDs).

Following this settlement, all legal proceedings between Reliance Infra and Edelweiss ARC will now be put on hold.

At 11:48 AM, the shares of Reliance Infra were trading 5.40% higher at Rs 248.33 on NSE.

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