Financial debt of Reliance Capital led by Anil Ambani amounts to Rs 19,805 crore

Mumbai (Maharashtra): The financial debt of Reliance Capital, headed by Anil Ambani, now stands at over Rs 19,805 crore.

The principal amount owed to Housing Development Finance Corporation (HDFC) is Rs 523.98 crore and to Axis Bank Rs 100.63 crore. The total amount of outstanding loans from banks and financial institutions stands at Rs 679.23 crore, including interest accrued through August, the company said.

“The total financial indebtedness of the listed entity including short and long term debt amounts to Rs 19,805.7 crore including accrued interest until August 31, 2020”, a- he said Friday evening in regulatory documents filed with the stock exchanges.

The delay in servicing the debt is due to the prohibition on the company from assigning, disposing of, directly or indirectly or otherwise encumbering the possession of any asset after the order of the Delhi High Court of November 20, 2019.

After the proceedings initiated by Vistra ITCL India Ltd, the Debt Collection Court on December 3, 2019, also prohibited the company from transferring, disposing, encumbering or otherwise separating from the possession of assets belonging to the company.

“In view of the above, the company is unable to monetize its assets, resulting in a delay in servicing its debt,” said Reliance Capital.

Last year, the company said it suffered significant collateral damage due to a combination of factors, including the crisis in the financial services industry, irrational actions by auditors and rating agencies and a slowdown in l Indian economy.

On Friday September 18, shares of Reliance Capital closed down 1.03% on BSE at Rs 8.64 per unit.

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