Reliance Home Finance has been losing for the last 2 days and has fallen 13% during this period. The stock is down almost 7.5% at Rs.10.98 and 52-week low is at Rs.9.75.
The company said that due to the continuing severe liquidity crisis in the sector, the maturity of certain NCDs of Rs 400 crore has been extended till 31st October 2019, with the formal written consent of the concerned Debenture Trustees and NCD holders.
The company said, “extension of maturities by mutual consent is a recognised global practice to deal with severe dislocations in capital markets, and does not in any sense constitute a default. The extension of maturity has been made purely to address timing mismatches in receipt of proceeds from the ongoing monetisation of retail asset pools of the company.”
Reliance Home has already monetised over Rs.5,000 crore of retail assets and will continue to do so to meet its debt servicing obligations.