Reliance Capital Rushes Asset Sales Ahead of Repayments in June

(Bloomberg) -- Beleaguered Indian tycoon Anil Ambani is on an asset sale spree to raise funds to meet mounting debt obligations.

. New fundraising via such sales will help Reliance Capital Ltd., the last stronghold of the former billionaire’s wider conglomerate, to pay 11 billion rupees ($158 million) that comes due over the next month. The company is in talks to sell its general insurance unit to Hero FinCorp Ltd., people familiar with the matter said.

. Over the past two weeks, Ambani also announced the sale of a radio station and mutual fund business to repay creditors. The holding company for the group’s financial services business and its units Reliance Home Finance Ltd. and Reliance Commercial Finance Ltd. were recently downgraded several notches by rating companies, which cited the cash crunch and delays in asset sales.

. Credit market stakeholders will be watching out for following payments.

. Borrower Security Servicing date Obligation Amount due (in million rupees) Reliance Capital 8.75% June 2021 June 2 Interest 196.88 Reliance Capital 8.75% June 2019 June 6 Interest and principal 271.88 Reliance Home Finance 9.5% June 2025 June 9 Interest 19 Reliance Capital 8.75% June 2021 June 10 Interest 43.75 Reliance Capital 8.75% June 2023 June 10 Interest 43.75 Reliance Home Finance 10% Dec. 2022 June 11 Interest 0.50 Reliance Home Finance 9.5% June 2025 June 12 Interest 9.50 Reliance Capital 10.5% June 2022 June 13 Interest 21 Reliance Commercial Finance 9.15% June 2019 June 15 Interest and principal 3711.1 Reliance Home Finance 9.5% June 2025 June 15 Interest 9.5 Reliance Home Finance 9.8% June 2019 June 19 Interest and principal 109.8 Reliance Capital 10.35% June 2022 June 20 Interest 5.18 Reliance Capital 10.35% June 2020 June 21 Interest 5.18 Reliance Capital 8.75% June 2019 June 24 Interest and principal 1359.38 Reliance Capital 8.75% June 2021 June 24 Interest 87.5 Reliance Home Finance 8.81% June 2021 June 24 Interest 11 Reliance Home Finance 8.81% June 2019 June 24 Interest and principal 783 Reliance Home Finance 8.81% June 2023 June 24 Interest 13.2 Reliance Capital 9.25% June 2023 June 25 Interest 5.55 Reliance Home Finance 9.8% June 2019 June 27 Interest and principal 54.9 Reliance Home Finance 9.1% June 2019 June 28 Interest and principal 4364 Reliance Capital 9.12% June 2020 June 29 Interest 13.68 Reliance Capital 10.4% June 2022 June 29 Interest 41.6 Reliance Home Finance 9.5% June 2025 June 29 Interest 9.5 . To contact the reporters on this story: Anurag Joshi in Mumbai at ajoshi53@bloomberg.net;Ronojoy Mazumdar in Mumbai at rmazumdar7@bloomberg.net

. To contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net, Anto Antony, Jeanette Rodrigues

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Reliance Capital Rushes Asset Sales Ahead of Repayments in June