Anil Ambani-led Company, Reliance Capital proclaims that it hopes to slash down its debt by half in the coming three-four months, following the sale of shares in Reliance General Insurance and Reliance Nippon Life Asset Management, as reported by the Indian daily news, The Economic Times.
Besides selling off the shares in Reliance Capital and Reliance Nippon Life Asset Management, the company will be selling non-core assets as well, as per the reports.
Currently, Reliance Capital is liable to pay plus INR 18,000 debt in total.
This substantial 50-60 per cent reduction in our debt, will be achieved by monetisation of 43 per cent stake in Reliance Nippon and 49 per cent stake in Reliance General Insurance, along with several non-core investments, said Reliance Capital, as reported by the Indian daily news, The Economic Times.
The shares of Reliance Nippon Capital are valued worth INR 5,000 crore and the sale of these shares is anticipated to receive an imperative premium, the company proclaimed.
At present, Reliance Capital possesses 100 per cent share ownership in Reliance General, the company which had filed IPO in the previous month.
The company is also at an advanced stage of monetising several valuable non-core investments, including a stake sale in Prime Focus and other media assets, said RCap, as reported by the Indian daily news, The Economic Times.