INSUBCONTINENT EXCLUSIVE:
New Delhi: Anil Ambani-led Reliance Capital has raised long-term financing of Rs 4,000 crore, investment banking sources said.
The funds
have been raised through securitisation of asset pool of the group's two firms -- Reliance Home Finance and Reliance Commercial Finance,
they added.
When contacted, a Reliance Capital spokesperson declined to comment on the development.
The assets have been purchased by
several public as well as private sector banks.
State Bank of India (SBI), ICICI Bank, Central Bank, Bank of Baroda and Bank of India were
among the participating banks, sources said.
Reliance Capital last month said it was aiming to reduce its debt by exiting all non-financial
businesses in its portfolio in the next 12-18 months.
"We want to dramatically reduce debt at the Reliance Capital, the parent company,
level, considering it is a core investment company," the company's chairman Ambani told shareholders at the company's 32nd annual general
meeting.
"It will be driven by value creative divestments of all our non-core businesses, best described as every business that is not
related to the financial services business will not be in our portfolio in the next 12-18 months," he had added.
Reliance Capital is engaged
in businesses of asset management, insurance, commercial and home finance, and equities and commodities broking.
During April-June quarter
of the current fiscal, the firm reported a consolidated net profit of Rs 272 crore for the compared with a net loss in the same quarter last
