Anil Ambani-led Reliance Infra defaults big time on repayment to Yes Bank, others

New Delhi: Anil Ambani-led Reliance Infrastructure Ltd continues to default on repayment to various entities from which it had borrowed money. The company has now defaulted again to Yes Bank, Jammu and Kashmir Bank and SREI Equipment Finance Ltd. 

Reliance Infra defaulted to repayment to Yes Bank. The date of default was 29 April 2020. The infra player failed to repay Rs 4.88 crore as principal repayment to Yes Bank. This default relates to a loan taken by RInfra of Rs 944.87 crore from the bank for 10 years at 9.9 percent interest.   

On 1 May 2020, RInfra again defaulted on repayment Yes Bank to the tune of Rs 29.55 crore. The infra player failed to make the payment that was falling due on 1 May as interest on a different loan from Yes Bank. This default relates to a loan of Rs 3,627.19 crore having a tenure of 5-10 years at 9.9-13.9 percent interest.       

RInfra also defaulted to repayment to Jammu and Kashmir Bank and SREI Equipment Finance Ltd. The date of default for these two entities is 30 April. RInfra failed to make payment towards principal amount of Rs 1.04 crore to SREI. It has also defaulted in interest payment of Rs 0.27 crore to SREI and of Rs 0.29 crore to Jammu and Kashmir Bank.

RInfra had taken a term loan of Rs 75 crore from Jammu and Kashmir Bank for 5.25 years at 11.5 percent interest and Rs 27 crore from SREI for 3 years at 15 percent interest. Both were secured loans. 

The total money as outstanding borrowings from Banks and financial institutions of RInfra stood at Rs 4,631 crore on 30 April, 2020. The total financial indebtedness of the infra player, including short-term and long-term debt, stood at Rs 6,267 crore on 30 April 30, 2020, according to a regulatory filing by the company.

RInfra has defaulred in repayment to these entiies earlier also. 

menu
menu