Reliance Infra gets a "Yes"

Reliance Infra, announced an hour ago that it has sold its Reliance Centre, Santacruz, Mumbai to YES Bank for Rs.1200 crore.

This entire money is being utilized only to repay the debt of YES Bank.

In July 2020, the company failed to repay dues to Yes Bank to the tune of Rs.2892 crore, after which the Bank took over the possession of the Santacruz building and two other smaller properties owned by the company.

The company got the land in Santacruz as a part of its acquisition of the Mumbai electricity distribution business from the state-run utility BSES in 2003.

The stock price is up in the green following this news, going up to an intraday high at Rs.38.30, just a tad away from its 10% UC of the day at Rs.38.55. Its 52-week high is at Rs.44.70.