 "Reliance Capital")
The Reserve Bank of India (RBI) on Monday superseded the board of industrialist Anil Ambani-promoted Reliance Capital, a non-banking financial company (NBFC), owing to defaults and governance issues.
It said the company would go for insolvency proceedings shortly.
The data with Bloomberg showed as of date, Reliance Capital had defaulted on Rs 8,3138.8 crore. The company had said in its December-quarter earnings last year that it had listed non-convertible debentures (NCD) of Rs 14,827 crore.
Reliance Capital’s bonds run until at least 2028 and have a weighted average maturity of 3.36 years, and a weighted average fixed coupon of 9.37 per cent. The
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