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..BorrowerSecurityServicing dateObligationAmount due (in million rupees)Reliance Capital8.75% June 2021June 2Interest196.88Reliance Capital8.75% June 2019June 6Interest and principal271.88Reliance Home Finance9.5% June 2025June 9Interest19Reliance Capital8.75% June 2021June 10Interest43.75Reliance Capital8.75% June 2023June 10Interest43.75Reliance Home Finance10% Dec. 2022June 11Interest0.50Reliance Home Finance9.5% June 2025June 12Interest9.50Reliance Capital10.5% June 2022June 13Interest21Reliance Commercial Finance9.15% June 2019June 15Interest and principal3711.1Reliance Home Finance9.5% June 2025June 15Interest9.5Reliance Home Finance9.8% June 2019June 19Interest and principal109.8Reliance Capital10.35% June 2022June 20Interest5.18Reliance Capital10.35% June 2020June 21Interest5.18Reliance Capital8.75% June 2019June 24Interest and principal1359.38Reliance Capital8.75% June 2021June 24Interest87.5Reliance Home Finance8.81% June 2021June 24Interest11Reliance Home Finance8.81% June 2019June 24Interest and principal783Reliance Home Finance8.81% June 2023June 24Interest13.2Reliance Capital9.25% June 2023June 25Interest5.55Reliance Home Finance9.8% June 2019June 27Interest and principal54.9Reliance Home Finance9.1% June 2019June 28Interest and principal4364Reliance Capital9.12% June 2020June 29Interest13.68Reliance Capital10.4% June 2022June 29Interest41.6Reliance Home Finance9.5% June 2025June 29Interest9.5.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.©2019 Bloomberg L.P.

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Reliance Capital Rushes Asset Sales Ahead of Repayments in June

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