Anil Ambani-owned Reliance Capital once again failed to pay interest to bondholders. Reliance Capital was to pay interest on non-convertible debentures (NCDs) on 22 April. This is revealed by the regulatory information given to the stock exchange. Although it could not be disclosed how much this amount was, but according to the income data for the December 2020 quarter, the company had listed NCDs of Rs 14,827 crore. Apart from this, the installments of the company HDFC Bank and Axis Bank also failed to repay the 12th time.
Reliance Capital had earlier asked for Expressions of Interest (EOI) for its key assets. The company revealed in the regulatory information that it is not able to monetize its assets due to legal problems, due to which it is having difficulty in repaying the debt. In the information given to the stock markets, the company said that it is facing this problem due to the ban on the sale of properties.
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HDFC Bank and Axis Bank fail to pay 12 installments
Reliance Capital has also failed to repay the installment paid to HDFC and Axis Bank 12 times. These installments were to be repaid between January 2020 and March 2021. Reliance Capital is continuously failing to pay the installment of Rs 4.77 crore per month to HDFC and Rs 71 lakh to Axis Bank. The company had taken a loan of Rs 524 crore from HDFC and Rs 101 crore from Axis Bank. HDFC Bank is charging interest at the rate of 10.6-13 per cent and Axis Bank at 8.25 per cent per annum.
20,643 crore owed to the company
Reliance Capital owes Rs 711 crore to banks and other financial institutions. However, on 28 February 2021, the total financial outstanding on the company was Rs 20,643 crore. The company had a loss of Rs 4018 crore in the December 2020 quarter, while a year earlier it had a loss of Rs 135 crore in the December 2019 quarter. Talking about the expenses, the company’s expenditure was Rs 8662 crore, which was almost double its previous year Rs 4731 crore. Income from the company’s interest also decreased from Rs 1400 crore in December 2019 to Rs 684 crore in December 2020.
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