News That Matters

Tag: maturity

ADAG firm Reliance Home Finance misses NCD payment, extends maturity

ADAG firm Reliance Home Finance misses NCD payment, extends maturity

Finance
Mumbai: Reliance Home Finance, an Anil Ambani company, has refinanced non-convertible debentures (NCDs) worth Rs 400 crore that had matured on Friday, but said it has paid the interest due on the same. The instrument has now been extended by four months till October 31, 2019. The company said it has been done to address timing mismatch between receipt of proceeds from an ongoing asset monetisation to meet repayment requirements. “In view of the continuing severe liquidity crisis in the sector, as now formally recognised even by RBI, the maturity of certain NCDs of Rs 400 crore has been extended till October 31, 2019, with formal written consent from the concerned debenture trustees and NCD holders,” an ADAG spokesperson said in an email. He further said in view of the extension by mutual c