Reliance Home Finance Ltd. (RHFL) on Saturday said it had defaulted on a loan of more than ₹40 crore from Punjab & Sind Bank, even as the company has enough cash and cash equivalent which it cannot use due to a court order.
The Anil Ambani-controlled Reliance Capital’s subsidiary defaulted on the loan on February 15, 2021, and the current amount of default is ₹40 crore alongside an interest of ₹15 lakh.
The company’s total obligation is of ₹200 crore on a 5-year tenure secured term loan at 9.25% per annum from Punjab & Sind Bank, RHFL said in a regulatory filing.
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The company has net cash of more than ₹1,500 crore, it said.
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