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Reliance Capital clears Rs 73 crore in NCD payments; stock down 4%

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NEW DELHI: Reliance Capital made interest and principal repayments of Rs 72.65 crore on Friday, September 27 and Monday, September 30 on a range of instruments including non-convertible debentures, term loans and inter-corporate deposits, the firm said today. Reliance Capital added that the company was current on all its repayment obligations. Anil Ambani, Chairman, Reliance ADAG, said that Reliance Capital has decided it will no longer be in any lending business. The company also completed 21.54 per cent stake sale in Reliance Nippon Life Asset Management to Nippon Life Insurance of Japan (Nippon) for Rs 3,030 crore, it said on Friday. Reliance Capital further plans monetise its balance 4.28 per cent stake in RNAM worth around Rs 700 crore, it said. The firm had earlier sold 17.06 per cent of its shareholding in RNAM, in three successive past offers for sale, aggregating over Rs 2,480 crore. The entire RNAM stake monetization proceeds of around Rs 6,200 crore will be utilised to reduce Reliance Capital’s outstanding debt obligations. Based on the above, and other asset monetisation deals presently underway, the company expects to reduce its debt by at least Rs 12,000 crore, or 70 per cent, in the current financial year. Shares of the firm were trading 4 per cent on BSE in early trade on Monday.




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