Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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This means access to other articles (outside the subscription period) are not included.
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There is no figure around loans given by RINFRa to rpower and Sasan power. Logically, both rpower and Sasan power are fully operational companies and why they would need a loan from RInfra is questionable; unless it’s for RInfra to earn interest income, higher than the coupon rate.
Going by the back of the envelope calculation, not even 10% of RInfra shareholding in RPower has been attached. At best it would be 5%, as exact amount of loans has not been disclosed. (Unless the valuation has been calculated at face value of shares)
What remains seen is why a 1.79% stake in rpower has been left untouched, held by Authum investments. Another offshore entity VFSI ( a spv of Varde Capital Partners) routed through Singapore holds another 5% odd shareholding in rpower.
Even if full rpower shareholding held by rinfra is not attached as on date, the other cases coming in soon would lead to attachments.
This would effectively end up attaching all investments of rinfra in operational companies like Delhi discoms, Mumbai metro and rpower (including subsidiaries). Signals end of Anil Ambanis control over RPower, or at best substantially reduced to 1.79% via Authum.
Time for turning RPower to a professionally managed company thru government intervention; or start offloading operational projects; or atleast approved projects which never took off. With RPower going out of Anil Ambanis control, all he will be left with is the shell of RInfra which is heavily indebted, on which Anil Ambanis privately held companies owe amounts equal to RPower market cap.
Just a year ago, both RPower and RInfra were being talked about as turnaround stories by able sons of Anil Ambani. In less than a year, agencies have in a way shown the routes of repayments and turnaround.
Though the apex court continues to refrain from passing any directions to agencies on the fate of Anil Ambani. With cash sources drying up and 20,000 crore plus of assets attached; it would get increasingly difficult for Anil Ambani to hold the flock together, unless someone provides this controversial businessman with liquidity, month after month.
With known sources of assets in India almost attached, it is time for the agencies to start looking for offshore asset attachments. The stake which Anil Ambani owns in Steven Speilbergs Dreamworks..(allegedly routed through loans taken by RCOM and RInfra) and all others that can be extracted from Amitabh jhunjhunwala, the global fund manager and closest associate of Anil Ambani; who shifted base to Dubai and Singapore, coincidentally from late 2019/2020, and played a major role in the RISEE restructuring, that is set to fall flat under the weight of investigations