Reliance Capital, the parent company of Anil Ambani’s company Reliance Home Finance, has defaulted 49 times so far in the repayment of its non-convertible debentures.
Anil Ambani’s company Reliance Home Finance is stuck in a deep crisis. In December 2020, it has defaulted on a loan of Rs 100 crore. It has not been able to repay the loans of Bank of Baroda, Punjab National Bank, ICICI Bank, HDFC Bank, Canara Bank, Bank of India and Indian Bank. So far, the debt on the company has increased to Rs 4,280 crore. On June 7, 2019, an inter-creditor agreement was signed to resolve the case of the lender Reliance Home Finance. This information has been given in the RBI circular.
Reliance Home Finance said, it currently has Rs 1000 crore
The company had a debt of Rs 73.52 crore in the December quarter last year. But in the third quarter of the financial year 2020-21, it increased to Rs 339.55 crore. Reliance Capital, the parent company of Reliance Home Finance, has defaulted 49 times in repayment of its non-convertible debentures.
Many companies had bid to buy
Kotak Special Situation Fund (KSSF) and Asset Reconstruction Company (India) Ltd in December for Reliance Home Finance. (ARCIL), including six bidders. Whereas the bids of the four bidders were not binding as well as were not according to the conditions. Earlier, the lenders of Reliance Home Finance extended the Inter-Creditor Agreement (ICA) for another three months.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.