Reliance Capital Ltd's shareholding in its wholly owned subsidiary, Reliance General Insurance Company Limited (RGIC), has been transferred today to IDBI Trustee Services Limited (Trustee), upon invocation of pledge by the Trustee.
The Trustee has purported to act on behalf of two parties claiming against the Company under certain guarantees, while another lender has filed a suit in the Hon'ble High Court of Bombay, claiming inter alia that the aforesaid shareholding in RGIC comprises security for all secured lenders of the Company, and the matter is presently sub-judice.
The Company has already been engaged in efforts to monetise its shareholding in RGIC as part of its overall plans for debt reduction.
The Company shall take all appropriate steps in the matter as legally advised to protect the interests of its lenders and other stakeholders.
Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.19 as compared to the previous close of Rs. 20. The total number of shares traded during the day was 29647 in over 117 trades.
The stock hit an intraday high of Rs. 19 and intraday low of 19. The net turnover during the day was Rs. 563293.