Ind-Ra reaffirms rating of RInfra
New Delhi: The rating of Reliance Infra has been reaffirmed by India Ratings & Research (Ind-Ra) at IND-D-Issuer not co-operating’ in relation to the Long Term and Short-Term Bank Facilities and also the Non-Convertible Debentures (NCDs) of the company.
There have been several delays by RInfra in servicing debt obligations including rated debt instruments.
The company is led by Anil Ambani. His two sons Anmol and Anshul had resigned from the board of the company, barely few months after joining it.
The company has been defaulting in repayments to Yes Bank, SREI Equipment Finance Ltd and J&K Bank, apart from various other banks and financial institutions continuously for the past many quarters, according to regulatory filings by the company.
RInfra had suffered a loss of Rs 1,664 crore in the fiscal 2018-2019. The total of outstanding borrowings from banks as on 1 March 2020 stood at Rs 4,592 crore for the company. The total financial indebtedness of RInfra, including short-term and long-term debt, as on 1 March 2020 stood at Rs 6,190 crore, according to regulatory filings.