Comments
Anil Ambani-led Reliance Capital said it has repaid ₹875 crore of outstanding commercial paper in the last two months, and that it will repay the balance ₹75 crore by its maturity date.
The balance ₹75 crore of commercial paper will mature on July 24. The company had a total outstanding commercial paper of ₹950 crore.
“ICRA had revised the ratings on our Short-Term Debt Programme (CPs) of ₹950 crore to A4 on April 26. The ICRA rating will thereupon stand terminated,” it said in a regulatory filing on Friday.
Rating downgrade
Shares of Reliance Capital fell 0.72 per cent, and closed at ₹68.55 apiece on the BSE. Some of the Reliance Capital companies, including Reliance Commercial Finance and Reliance Home Finance, have been witnessing turbulent times and a rating downgrade due to liquidity troubles.
Since then, the group has been working to monetise some of its assets, including the stake sale in Reliance Nippon Life Asset Management. In a statement on June 17, Reliance Capital had said: “Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least ₹12,000 crore, or 70 per cent, in the current financial year.”
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.