News From Press Reliance Mutual Fund side-pockets exposure to Reliance Capital

Reliance Mutual Fund side-pockets exposure to Reliance Capital

Reliance Capital is in the process of completing its stake sale in Reliance Nippon AMC to its minority partner, Nippon Life of Japan

Mint Sep 25, 2019

Reliance Nippon Life Asset Management Ltd has moved to create a segregated portfolio (side-pocket) in lieu of its exposure to erstwhile owner Reliance Capital, which defaulted on its debt. Reliance Capital missed a coupon (interest) payment due on 9 September and made delayed payment on 11 September. However a delay constituted an event of default and CARE Ratings downgraded Reliance Capital to D (default) on 20 September, after business hours. Reliance Capital is in the process of completing its stake sale in Reliance Nippon AMC to its minority partner, Nippon Life of Japan.

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