Yet again, RInfra defaults in repayment to various lenders including Yes Bank, J&K Bank, SREI Equipment Finance
New Delhi: Anil Ambani-led Reliance Infrastructure Ltd has defaulted in repayment to various lenders including Yes Bank, Jammu and Kashmir Bank and SREI Equipment Finance Ltd.
The infra player defaulted in repayment of Rs 29.55 crore as interest to Yes Bank on 1 May 2020 and again of Rs 29.55 crore as interest to Yes Bank on 1 June. The interest pertains to loan of Rs 3627.19 crore taken from Yes Bank for 5-10 years at 9.9-13.9 percent rate. The loan is secured.
RInfra also defaulted in repayment of Rs 1.04 crore towards principal and Rs 0.26 core towards interest to SREI Equipment Finance. The infra firm has take a loan of Rs 27 crore for 3 years at 15 percent.
RInfra has also defaulted in repayment to Jammu and Kashmir Bank to the tune of Rs 0.29 crore towards interest. The date of default was 31 May 2020. RInfra has taken a loan from Jammu and Kashmir Bank of Rs 75 crore at 11.5 percent for 5.25 years.
RInfra’s total amount of outstanding borrowings from banks and financial institutions is Rs 4,675 crore as on 31 May 2020. The total financial indebtedness of RInfra, including short-term and long-term debt, is Rs 6,325 crore as on 31 may 2020, the company said in a regulatory filing.
The net loss of RInfra narrowed to Rs 153.84 crore for the fourth quarter of 2019-20 fiscal as compared to net loss of Rs 3,202.32 crore in the same period of the previous fiscal. For the whole financial year 2019-20, thenet profit of the company stood at Rs 771.17 crore as compared to a net loss of Rs 2,426.82 crore in the previous financial year.