Reliance has been allowed to keep the excess amount of $ 2 billion with itself.
[ad_1]
A source said that in view of Reliance’s strong credit rating and cash flow, banks across the world were eager to participate in the company’s loan exercise in March. There was strong demand for the loan even after two rounds of syndication. This means that banks still want to lend money to the company. Therefore, the company has decided to retain more money than it needs. This is not the first time when RBI has given such permission. Reliance has also sought such permission from the central bank earlier. RBI and Reliance spokespersons did not respond to ET’s email queries. ET had reported in its March 13 edition that at least 10 banks are likely to participate in Reliance’s third round of syndication to raise $3 billion.
engine of growth
Reliance stock has been trading in a narrow range for a long time. But soon the stock of the company can become a rocket. Wall Street research firm Bernstein says that the clean energy business is going to be the new growth engine for Reliance in the coming days. The firm says that the stock of the company can go up by 21 per cent from its current level. Reliance is the largest company in the country by market cap. According to Bernstein, Reliance can achieve revenue of $ 10 billion by 2030 in new energy business. By 2050, the value of Reliance New Energy’s stock can be in the range of Rs 1200 to Rs 2200, which is 10 percent more than the current valuation.
[ad_2]
Source link