Mumbai, June 23 (IANS) Reliance Power Chairman Anil Ambani on Tuesday said that promoters of the company plan to raise their shareholding in the company over time in line with the regulatory guidelines.
Promoters of the company as of March 31, 2020 held 19.29 per cent shares. Anil Ambani’s family holds 0.08 per cent shares and Reliance Infrastructure has 12.78 per cent shares.
Speaking at the 26th Annual General Meeting (AGM), he said that R-Power continues to remain conservatively financed with one of the lowest debt-to-equity ratio of 2.4 : 1.
He also announced that although the the Reserve Bank of India (RBI) has allowed banks to grant moratorium for all principal and interest payments and permitted to defer recovery of interest applied on working capital facilities, but Reliance Power has not avail moratorium of debt in any of the SPVs, as the management considers availing of such moratorium to be a ‘financial penalty’.
The Chairman also said that company’s officials and staff have agreed up to 50 per cent cut in compensation. Ambani announced that he has personally decided to forego commission and remuneration for the year.
During lockdown, the company has made timely payment to all its employees, he added.
He told the shareholders that the company’s focus will be on value accretive growth opportunities while remaining financially conservative and capital light.
“R-Power’s focus will be on value accretive growth opportunities while remaining financially conservative and capital light — O&M services for power plants, MDO services for coal mines and recently launched commercial coal mining opportunities,” said Ambani.