Anil Ambani’s Reliance Capital repays ₹72.6 crore loans; stock tanks

• Reliance Capital said that it repaid as much as ₹72.6 crore in loans.
  
• RCap is holding its annual general meeting today.
  
• The company’s stock dropped by 13% today to trade at ₹24 per share.
  
• The total debt of RCap stands at ₹46,000 crore.
  

On the day of its annual general meeting, Anil Ambani’s company Reliance Capital said that it repaid as much as ₹72.6 crore on September 27 and 30.


This amount includes the payment the company has made in both interest and principal. “This is across a range of instruments including non-convertible debentures, term loans and inter-corporate deposits. The company is current on all its repayment obligations,” the company told the stock exchanges today.


The total debt of RCap stands at ₹46,400 crore. The company’s stock dropped by 13% today to trade at ₹24 per share as of 12:26 pm.


On Friday (September 27), the Anil Dhirubhai Ambani Group company said that it completed the sale of its 21.5% stake in Reliance Nippon Life Asset Management for ₹3,030 crore or for $430 million.


“Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least ₹12,000 crore ($ 1.7 billion) or 70%, in the current financial year,” the company said in a statement on Friday.


As it closes the Nippon transaction, Reliance Capital said that it old entire stake in its wholly owned subsidiaries like Reliance Capital Trustee and Reliance Capital AIF Trustee.


All of Anil Dhirubhai Ambani Group companies like Reliance Capital, Reliance Infrastructure, Reliance Power, Reliance Home Finance and Reliance Communications are holding their annual general meetings today. The shareholders of RCom which is currently undergoing bankruptcy proceedings will be presided by a debt resolution professional.