TPT: Reliance Capital repays Rs 650 crore of NCDs due on Friday

17 May 2019: Anil Ambani-led Reliance Capital has said it has repaid Rs 650 crore of non-convertible debenture that were due on Friday.

The disclosure comes at a time when Reliance Group companies and some others, are facing liquidity troubles.

At least two entities in the group, Reliance Commercial Finance and Reliance Home Finance, have witnessed rating downgrades on their borrowings earlier this month, which led to the Reliance Capital stock coming under pressure.

Reliance Capital in a brief note said, “Reliance Capital repays Rs 650 crore of NCDs that were due today (Friday).”

Meanwhile, in a separate filing Reliance Capital said that it has invited its partner, Nippon Life Insurance Co. Ltd, to make an offer to acquire up to 42.88 per cent stake held by it in Reliance Nippon Life Asset Management Ltd (RNAM).

Nippon Life Insurance Co. Ltd. already holds 42.88 per cent stake in RNAM.

“Further announcements shall be made at the appropriate time,” the company said in a clarification to the exchanges.

BSE had sought clarification from Reliance Capital (RCap) earlier Friday regarding news reports related to the transaction.

Shares of Reliance Capital rose by over 2 per cent Friday after the company reiterated that it had invited Nippon Life Insurance to acquire up to 42.88 per cent stake in Reliance Nippon Life Asset Management.

As reported on The Prime Time



Categories: General News, India Bankruptcy

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