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Reliance Capital shares tank on default

The State Bank of India board is learnt to have approved the resolution plan for Reliance Communications
The company, however, pointed out that the delay in debt servicing was due to the prohibition on disposing any assets pursuant to an November 20, 2019 order passed by the Delhi High Court.

Our Special Correspondent   |   Mumbai   |   Published 03.03.20, 10:05 PM

Shares of Reliance Capital on Tuesday fell 3.72 per cent following a default in interest payment of Rs 5.47 crore to two lenders.

On Monday, the Anil D Ambani firm had told the stock exchanges that it had defaulted on interest payment of Rs 4.76 crore to HDFC and Rs 0.71 crore to Axis Bank on a term loan and that the date of default was January 31.

The company, however, pointed out that the delay in debt servicing was due to the prohibition on disposing any assets pursuant to an November 20, 2019 order passed by the Delhi High Court.

Meanwhile, the board of State Bank of India is learnt to have approved the resolution plan for Reliance Communications, through which lenders are expected to recover around Rs 23,000 crore.

UV Asset Reconstruction Company is believed to have placed a bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel Ltd.

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