Reliance Dwelling Finance (RHFL) on Friday reported ballooning of its web loss to Rs 4,522.19 crore for the quarter ended March 2022.
The debt-laden house finance agency of the Anil Ambani-promoted ADAG group had posted a web lack of Rs 444.62 crore in the identical interval a yr in the past.
Complete earnings throughout January-March quarter of 2021-22 fell to Rs 16.35 crore as towards Rs 162.08 crore in the identical interval of 2020-21, Reliance Dwelling Finance mentioned in a regulatory submitting.
For the total yr FY22, firm’s web loss stood at Rs 5,439.60 crore, an increase of over thrice from the previous yr’s lack of Rs 1,520 crore.
Revenue in the course of the yr plunged by 65 p.c to Rs 294 crore from Rs 840 crore.
The ADAG group has defaulted in fee of borrowing obligations totalling Rs 10,123 crore as of March 31, 2022. The corporate’s belongings cowl has additionally fallen beneath 100 per cent of excellent debentures amounting to Rs 5,967 crore.
The corporate’s lender consortium led by Financial institution of Baroda has entered into an inter-creditor settlement (ICA) for arriving at a debt decision plan.
As per the plan, the lead financial institution and ICA lenders invited expressions of curiosity and evaluated the bids obtained, following which Authum Funding & Infrastructure (Authum) was chosen as the ultimate bidder in June 2021.
The implementation of the decision plan of the profitable bidder is topic to varied approvals, together with from debenture holders, shareholders and regulatory authorities, in addition to trip of present authorized injunctions on the corporate.
In one of many issues earlier than the Bombay Excessive Courtroom, the debenture trustee IDBI Trusteeship Companies has referred to as a gathering on Could 13, 2022 of all of the debenture holders to think about and approve the decision plan.
The web value of the corporate as of March 31, 2022 stands eroded to (-) Rs 5,481.56 crore, whereas the earnings per share stood at (-) Rs 112.15.
Inventory of Reliance Dwelling Finance ended at Rs 3.78 apiece on BSE, down by 2.33 per cent from the earlier shut.
(With PTI inputs)
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Printed on: Friday, Could 06, 2022, 11:09 PM IST