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Reliance Capital defaults on debt repayment

On November 15 as well, the company had defaulted on interest and principal obligations on bonds.

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Last Updated: Nov 26, 2019, 09.19 PM IST|Original: Nov 26, 2019, 09.19 PM IST
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Mumbai: Reliance Capital on Tuesday said its interest and principal obligations with regards to non-convertible debentures due on Monday and Tuesday were delayed.

On November 15 as well, the company had defaulted on interest and principal obligations on bonds.

The company said Care Ratings on September 20 had downgraded the Company's entire outstanding debt to default ‘D’ rating, even though there were no overdues on principal or interest payment to any lender.

“Further to the above, we, vide our communication dated October 11, 2019 submitted, this rating downgrade has initiated acceleration, etc. of various facilities by certain lenders and consequential demands for immediate payment of amounts that were otherwise due and payable in a phased manner over the next 8 years till March 2028, as per the original terms of lending,” Reliance Capital said in an exchange filing.

“It is expected that the debt servicing of the Company in relation to the accelerated amounts and otherwise will be delayed,” the company added.

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