Anil Ambani-led Reliance Capital has defaulted. The company has failed to pay interest on the loan of Rs 690 crore taken from HDFC and Axis Bank. The company had to pay the interest till 31 October.
Reliance Capital has informed the stock exchanges about this. It has said that it has not been able to pay interest of Rs 4.77 crore to HDFC and Rs 0.71 crore to Axis Bank. He was to pay this money on 31 October. The company has said that due to various legal hurdles, it could not proceed with the process of selling its assets. The company has informed the stock exchanges about this on 27 November.
Reliance Capital has said that many restrictions have been imposed on the sale of properties. Due to this, he has been delayed in paying interest on borrowings. Reliance Capital had taken a loan of Rs 524 crore from HDFC for a period of 6 months to 7 years. Its interest rate was 10.6 to 13 percent per annum. It had taken a term loan of Rs 100.63 crore from Axis Bank for 3 to 7 years. Its interest rate was 8.25 percent per annum.
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