Reliance Capital debt piles up to ₹19,805 crore - Hindustan Times
close_game
close_game

Reliance Capital debt piles up to 19,805 crore

Mumbai, Maharashtra | ByAsian News International | Posted by Shivani Kumar
Sep 19, 2020 02:26 PM IST

The principal amount due to Housing Development Finance Corporation (HDFC) is ₹523.98 crore and to Axis Bank ₹100.63 crore. The total amount of outstanding borrowings from banks and financial institutions works out to ₹679.23 crore, including accrued interest up to August, said the company.

The financial debt of Anil Ambani-led Reliance Capital now works out to over 19,805 crore.

Anil Ambani, chairman of Reliance Capital.(MINT)
Anil Ambani, chairman of Reliance Capital.(MINT)

The principal amount due to Housing Development Finance Corporation (HDFC) is 523.98 crore and to Axis Bank 100.63 crore. The total amount of outstanding borrowings from banks and financial institutions works out to 679.23 crore, including accrued interest up to August, said the company.

Hindustan Times - your fastest source for breaking news! Read now.

“The total financial indebtedness of the listed entity including short-term and long-term debt totals 19,805.7 crore, including interest accrued up to August 31, 2020,” it said in regulatory filings at stock exchanges late on Friday.

The delay in debt servicing is due to the prohibition on the company to dispose off, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets after the Delhi High Court’s order on November 20, 2019.

After the proceedings initiated by Vistra ITCL India Ltd, the Debts Recovery Tribunal on December 3, 2019, also prohibited the company from transferring, alienating, encumbering or otherwise parting with the possession of assets owned by the company.

“In view of the above, the company is unable to proceed with its asset monetisation resulting in a delay in its debt servicing,” said Reliance Capital.

Last year, the company said that it has suffered great collateral damage due to a combination of factors, including the crisis in the financial services sector, irrational action by auditors and rating agencies, and a slowdown in the Indian economy.

On Friday (September 18), shares of Reliance Capital closed 1.03 per cent lower on BSE at 8.64 per unit.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On