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Mumbai: Reliance Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani on Monday said Reliance Capital would no longer be in any lending business.
Addressing the company AGM in Mumbai, Ambani said his NBFC suffered collateral damage due to a combination of factors, including reckless selling and rumour mongering over the past six months.
Retail shareholders of the company have increased by 10 lakhs, he said, adding that it is “unfortunate that true value of the business is not recognised amidst all the noises.”
Following the development, the scrip fell 4.11 per cent to hit a low of Rs 26.85.
Ambani said his group had repaid over Rs 35,000 crore in debt over last 15 months.
It is close to repaying another Rs 15,000 crore by March 2020, despite nil funding from any bank, NBFC or financial institution.
Reliance ADAG Group has over Rs 60,000 crore receivables stuck in regulatory and arbitration proceedings.
“We are transforming Reliance Capital,” Ambani said.
“It is a young company.”
On Monday, Reliance Capital said it made interest and principal repayment of Rs 72.65 crore on Friday and Monday on a range of instruments, including non-convertible debentures, term loans and inter-corporate deposits.
It said the company remained current on all its repayment obligations.
The company has 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.
