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CARE Ratings downgrades rating of Reliance Home Finance Ltd to D

Posted On: 2019-09-13 21:43:55

CARE Ratings has downgraded rating to D for Company's long-term debt programme,market linked debentures, subordinated debt, NCDs & upper Tier-II NCDs. CARE has stated this action is primarily due to delay in servicing of principal on one of the NCDs of the Company.

As informed earlier, the Lenders of the Company (Banks) have entered into an Inter-Creditor Agreement for arriving at the debt resolution plan in accordance with the circular dated June 7, 2019 issued by RBI on Prudential Framework for Resolution of Stressed Assets. Company has been directed by the lenders led by the Lead Bank to keep servicing only the interest obligation across all lenders. Debt servicing towards principal repayment irrespective of type of facility is to be made on parity.

Company considers the above rating action untimely and uncalled for; specifically since the Company is working on the resolution plan.

The Company has received letter from CARE on Sept. 12, 2019.

Shares of Reliance Home Finance Ltd was last trading in BSE at Rs.5.69 as compared to the previous close of Rs. 5.76. The total number of shares traded during the day was 98158 in over 93 trades.

The stock hit an intraday high of Rs. 5.76 and intraday low of 5.6. The net turnover during the day was Rs. 556783.


Source: Equity Bulls

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