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RCap debt servicing to be delayed due to rating downgrade by CARE in 2019

CARE had downgraded RCap's long-term debt programme, market-linked debentures and subordinated debt due to delay in payment of interest

Reliance Capital
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"It is expected that the debt servicing of the company in relation to the accelerated amounts and otherwise will be delayed," Reliance Capital said in the filing on Saturday.

Press Trust of India New Delhi
Reliance Capital (RCap) will not be able to service its debt in a timely manner following downgrading of its bond programme by CARE Ratings, which triggered an accelerated repayment which otherwise was to take place in a phased manner over eight years, the company said.

RCap, in a regulatory filing last night with regard to the disclosure on payment of interest/principal on Non-Convertible Debentures (NCDs) said, it is unable to proceed with asset monetisation, and thus there will be a delay in repayment.

In September 2019, CARE Ratings had downgraded the Anil Ambani-controlled RCap's entire outstanding debt programme to default

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