RCap defaults on payment obligations towards bonds

New Delhi: Reliance Capital on Tuesday said it has defaulted on payments towards its obligations on bonds and interest generated towards the same.

Making disclosure to stock exchanges regarding payment of interest and principal on non-convertible debentures, it said the rating downgrade by CARE in September has initiated acceleration of various facilities by certain lenders. It also triggered consequential demands for immediate payment of amounts that were otherwise due and payable in a phased manner over the next eight years till March 2028, as per the original terms of lending.

"It is expected that the debt servicing of the company in relation to the accelerated amounts and otherwise will be delayed. "Accordingly, as regards the Non-Convertible Debentures ...the interest I principal obligations due on November 25, 2019 and November 26, 2019 are also delayed," it said in the filing.