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Repaid ₹875 crore in the last two months, only ₹75 crore CP outstanding : Reliance Capital

Our Bureau New Delhi | Updated on June 21, 2019 Published on June 21, 2019

Anil Ambani, Chairman, Reliance Capital. File Photo   -  BusinessLine

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.”

Published on June 21, 2019
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