Anil Ambani-led Reliance Capital said on Thursday that it has fully repaid its outstanding commercial paper (CP) of Rs 75 crore.
"With the above repayment the CP, outstanding stands at zero from the peak outstanding amount of about Rs 3,500 crore," it said in a statement. "Though CPs were rated A4 by ICRA, the same have been repaid in full on the due dates."
Reliance Capital is looking to mop up Rs 6,000 crore by selling its shareholding in Reliance Nippon Life Asset Management (RNAM). There are indications that the entire transaction will close by August-end.
The entire RNAM stake monetisation proceeds will be utilised to reduce Reliance Capital's outstanding debt. The company expects to reduce its debt by at least Rs 12,000 crore (or 70 per cent) in the current financial year.
Reliance Capital, a part of the Reliance Group, is one of India's leading private sector financial services companies with interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.
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