Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Reliance Capital Ltd > News item |
India’s Reliance Capital delays payment of another debenture series
By Sarah Lizee
Olympia, Wash., June 10 – Reliance Capital Ltd. is unable to proceed with its planned asset monetization, resulting in a delay of its debt servicing of the interest and principal obligations due on June 10 for its nonconvertible debentures (ISINs: INE013A075A9, INE013A076A7), according to a notice.
The company said that “in a completely biased, unwarranted and unjustified rating action on Sept. 20, 2019, CARE Ratings (CARE) had downgraded the company’s entire outstanding debt to default ‘CARE D’ rating, even though there were no overdues on principal or interest payment to any lender.”
Reliance said the downgrade has initiated acceleration of various facilities by some of its lenders and consequential demands for immediate payment of amounts that were otherwise due in a phased manner over the next eight years until March 2028.
The company has issued similar notices recently for other series of its nonconvertible debentures (ISINs: INE013A070L7, INE013A071A8, INE013A07Z83, INE013A077K4, INE013A076M2, INE013A075K8, INE013A08101, INE013A072I9, INE013A07Y27, INE013A07Y19, INE013A07A33, INE013A08226, INE013A078M8, INE013A08291, INE013A073L1, INE013A079F0, INE013A073J5, INE013A08366, INE013A08218 and INE013A07UY0).
Reliance Capital is a financial services holding company based in Mumbai.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.