India's Reliance Home Finance extends maturity of NCDs by 4 months

Reliance Home Finance

29/06/2019 10:54

MUMBAI, June 29 (Reuters) - India's Reliance Home Finance
Ltd on Saturday said the maturity date for 4 billion rupees
($58.02 million) of non-convertible debentures (NCDs) has been
extended by four months, till Oct. 31 due to "continuing severe
liquidity crisis in the sector".
    "The extension of maturity has been made purely to address
timing mismatches in receipt of proceeds from the ongoing
monetisation of retail asset pools of the company," Reliance
Home Finance  RLIC.NS  said in a statement, adding it has
already monetised 50 billion rupees of retail assets.
    The company, controlled by business tycoon Anil Ambani, said
the extension of maturities by mutual consent is a recognised
global practice and "does not in any sense constitute a
default."
    Ambani, once among India's top billionaires, has seen his
wealth erode in the past five years due to burgeoning debt at
firms in his group. 
    His diversified telecoms to financial services and
infrastructure group has been struggling to make debt repayments
on time.  urn:newsml:reuters.com:*:nL4N23I1XS  urn:newsml:reuters.com:*:nL3N2153CH

($1 = 68.9400 Indian rupees)

 (Reporting by Rajendra Jadhav; Editing by Richard Borsuk)
 ((rajendra.jadhav@thomsonreuters.com; +91-22-6180-7153 ;
Reuters Messaging:
rajendra.jadhav.thomsonreuters.com@reuters.net))