Money & Banking

Reliance Capital defaults on interest payments on HDFC, Axis Bank term loans

Our Bureau Mumbai | Updated on April 04, 2021

Interest due for HDFC was ₹4.77 cr and Axis Bank ₹0.71 cr

Reliance Capital has defaulted on interest payments of ₹5.48 crore on term loans of HDFC and Axis Bank.

The interest payment due for HDFC was ₹4.77 crore and for Axis Bank ₹0.71 crore.

The principal amount for HDFC was ₹523.98 crore while for Axis Bank it was ₹100.63 crore, Reliance Capital said in a regulatory filing. The date of default was March 31, 2021.

Reliance Capital said the total amount of outstanding borrowings from banks and financial institutions is ₹716.65 crore and includes accrued interest up to March 31, 2021.

Total financial indebtedness of the company, including short- term and long-term debt, stood at ₹20,785.04 crore. The troubled company had, last week, failed to make interest payments for NCDs due on March 28 and 29.

Published on April 04, 2021

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