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Reliance Capital Defaults On Interest Payments Of Term Loans Again

Anil Ambani-led firm has been missing monthly interest payments to HDFC and Axis for more than the past one year.

Anil Ambani, chairman of Reliance Capital Ltd. Photographer: Adeel Halim/Bloomberg
Anil Ambani, chairman of Reliance Capital Ltd. Photographer: Adeel Halim/Bloomberg

Debt-ridden Reliance Capital Ltd. said it has failed to pay interest on term loans it took from HDFC Ltd. and Axis Bank Ltd.

The interest payment was due on March 31, 2021, Reliance Capital disclosed in a stock exchange filing. The total outstanding amount, including the accrued interest, stood at Rs 716.65 crore.

The Anil Ambani-led firm has been missing monthly interest payments to HDFC and Axis for more than the past one year. It had borrowed Rs 524 crore from HDFC at a rate of up to 13% and Rs 101 crore from Axis Bank at 8.25%.

With the default, the Reliance Capital’s total debt rose to Rs 20,785 crore as on March 31, the stock exchange filing said.

Last week, the non-banking financial company also failed to make interest payments for its non-convertible debentures that were due on March 28 and 29.