The term loan of Rs 523.98 crore was from Housing Development Finance Corporation (HDFC) and Rs 100.63 crore from Axis Bank, Reliance Capital said in a filing on Monday (30 November).
The interest accruing on the HDFC loan amounts to Rs 4.77 crore and to the Axis Bank loan Rs 0.71 crore. The default took place on 31 October 2020.
The company is unable to proceed with asset monetisation, resulting in delay in debt servicing, due to prohibition on the company to dispose off, alienate, encumber either directly or indirectly or otherwise part with the possession, of any assets except in the ordinary course of business such as payment of salary and statutory dues, pursuant to order dated 20 November 2019, passed by the Delhi High Court, and orders dated 3 December 2019, and 5 December 2019, passed by the Debts Recovery Tribunal, Mumbai, and order dated 4 November 2020, passed by the Bombay High Court, Reliance Capital said.
Its total amount of outstanding borrowings from banks and financial institutions amount to Rs 690 crore, including accrued interest up to 31 October 2020. The total financial indebtedness of the listed entity, including short-term and long-term debt, amounts to Rs 20,077.14 crore, including accrued interest up to 31 October 2020.
Reliance Capital's consolidated net loss jumped to Rs 2577 crore in Q2 September 2020 from Rs 96 crore in Q2 September 2019. The total income declined 44% year on year to Rs 4929 crore in Q2 September 2020.
Reliance Capital is a diversified financial services holding company promoted by Anil Dhirubhai Ambani Group.