Reliance Industries Limited (NSEI:RELIANCE) has reached an understanding with more than 90% of its lenders to avoid selling any stock pledged by the promoters until September 30, 2019 on account of lower collateral cover or reduced margin due to the recent unprecedented fall in share prices. “We are grateful to our lenders for believing in the intrinsic and fundamental value of our companies, and granting their in-principle approval to standstill arrangements,” said a Reliance Group spokesperson. “The group will pay principal and interest to lenders as per the schedule specified in the loan agreements.

The group has also informed the lenders that it has appointed investment bankers to sell a part of its direct 30% shareholding in Reliance Power Limited (BSE:532939) to institutional investors.”