Yet another Anil Ambani company Reliance Home Finance defaults on loans
Reliance Home Financehas defaulted on loan repayment of Rs 40.08 crore in February.
- The disclosure was made on March 10 to the exchanges, Rs 40 crore is towards principal and Rs 0.08 crore as interest to its lender
Punjab and Sind Bank.
- Reliance Home Finance said it has total obligation of Rs 200 crore for the loan with seven-year tenure.
"However the delay in debt servicing is due to prohibition on the company to dispose off, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets, pursuant to order dated November 20, 2019 passed by the Delhi High Court," it said.
As per an earlier agreement, the lenders of the company have entered into an Inter-Creditor Agreement for arriving at the debt resolution plan in accordance with the circular dated June 7, 2019 issued by the
This has resulted in delay in debt servicing by the company, it added.
Of the loan default dated February 8, 2020, the disclosure of which was made on March 10 to the exchanges, Rs 40 crore is towards principal and Rs 0.08 crore as interest to its lender Punjab and Sind Bank.
Reliance Home Finance said it has total obligation of Rs 200 crore for the loan with seven-year tenure and the rate of interest is of 9.15 per cent per annum.
AdvertisementIt also said that the total borrowing from banks and financial institutions stands at Rs 3,921 crore (with interest).
The total financial indebtedness of the company, both short term and long term borrowings, is Rs 12,036 crore including interest accrued.
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