Anil Ambani's Reliance Capital Refuses to Lend Any more, Slams Rumour Mongering for Decline in its NBFCs

Mumbai, September 30: Reliance Anil Dhirubhai Ambani Group (ADAG) chairman Anil Ambani on September 30 said that his company -- Reliance Capital -- would not lend credit any longer from banks. The Reliance Capital owner made his intentions clear that this move is a part of the company's plan towards 'transforming it'. Mukesh Ambani Retains Top Position on List of Richest Indians By China's Hurun For 8th Straight Year, Check Full List Here.

Addressing the annual general meeting (AGM), Ambani stated that in the last couple of months due to rumour-mongering and reckless selling, there was collateral damage in his non-banking financial companies (NBFCs). Claiming that his company increased the number of retail shareholders by 10 lakh, Ambani said that the actual value of the business was not recognised.

In the last 15 months, Ambani had repaid more than Rs 35,000 crore in debt and plans to repay an additional Rs 15,000 crore by March 2020. However, he accepted that he has no funding as of yet, but assured to fix it without taking any more loans from the bank. Anil Ambani Owned Business News Channel BTVI Goes Off-Air Suddenly, Shocks Media Industry.

Earlier, reports arrived that Reliance Capital received a number of Rs 5,500 (USD 785 million) after selling its stake in the market. The spokesperson of the firm stated that made a total of interest and principal repayments of Rs 72.65 crore on September 27 and September 30 on a range of instruments. However, it's share touched a 52-week low of Rs 26.70 on the opening day of the week.

(The above story first appeared on LatestLY on Sep 30, 2019 02:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).