Mortgage lender HDFC on April 25 said it acquired 6.43 percent stake in the debt-trapped company by invoking pledged shares.
These shares were acquired pursuant to invocation of pledge by security trustee on behalf of the corporation, which was pledged against a loan given by the lender in its normal course of business, HDFC Ltd said in a regulatory filing.
"However the delay in debt servicing is due to prohibition on the company to dispose off, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets, pursuant to order dated November 20, 2019 passed by the Delhi High Court," it said.
In a BSE filing on March 2, the company said it defaulted on the interest payment of Rs 5.47 crore on a term loan on January 31, 2020 due to HDFC (Rs 4.76 crore) and Axis Bank (Rs 0.71 crore).
Prior to the invocation of the pledge shares the promoter group owned 6,88,12,534 shares amounting to 27.23 percent shares, the company said in the regulatory filing.
DHFL recently became the first non-banking finance company (NBFC) to be taken to the bankruptcy court.
The company further said that the IRDAI ruling has protected the interest of all lenders and debenture holders of RCAP.
The company has appointed Sachin Bora as chief executive officer and Vaibhav Kabra as chief financial officer.
Trends on SGX Nifty indicate a flat opening for the broader index in India, with a four-point loss. Nifty futures were trading around 12,083-levels on the Singaporean Exchange
After three consecutive days of selling, Yes Bank has sold over 47 lakh shares of Reliance Capital worth nearly Rs 8 crore.
'Accordingly, as regards the Non-Convertible Debentures ...the interest I principal obligations due on November 25, 2019 and November 26, 2019 are also delayed,' it said in the filing.
Shares of Reliance Capital Ltd ended 0.61 per cent higher at Rs 16.40 on the NSE.
On the NSE, shares of Reliance Capital Ltd ended 4.96 per cent lower at Rs 16.3.
As per the filing, the company would take all appropriate steps in the matter as legally advised to protect the interests of its lenders and other stakeholders.
The payments were due on Wednesday and Thursday, the company said in regulatory filing.
SK Growth Fund acquired 2,45,459 shares of newly listed Vishwaraj Sugar Industries at Rs 60.35 per share.
The company will continue to operate without any change in structure and management
Ambani said factors like rumour mongering and reckless selling in the last six months caused collateral damage in his NBFC
The entire RNAM stake monetisation proceeds of Rs 6,200 crore will be utilised to reduce Reliance Capital's outstanding debt obligations.
The embattled Anil Dhirubhai Ambani group had decided to exit the mutual funds business with an eye on debt reduction.
The stock has seen a steady decline in the last one year with the stock falling over 90 percent.