Reliance Infrastructure (Rlnfra) controlled Reliance Defence and Engineering has received an approval from the CDR Empowered Group (CDR EG) for exiting from the (corporate debt restructuring) CDR scheme.
As part of the Refinancing Scheme approved by the Lenders, the door-to-door tenure of RDEL’s term loans stands extended to 18 years. Pursuant to the Refinancing Scheme, RDEL’s existing debt of around Rs 650 crore will also be converted into equity shares at a price of Rs 59.35 per equity share. In line with the RBI approval, Rlnfra through its subsidiary has also increased its shareholding in RDEL to nearly 31%.
Reliance Defence and Engineering is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).