He said the proposed deals are expected to infuse fresh equity in the company and help reduce the debt at R-Cap. Rating agencies CARE Ratings and Icra downgraded papers issued by Reliance Commercial Finance and Reliance Home Finance on 26 April. These concerns are not specific to Reliance alone but the entire NBFC sector which is struggling due to lack of bank funding," said Ravindra Rao, director, Reliance Commercial Finance. On 26 April, CARE downgraded bank facilities issued by Reliance Commercial from BBB+ to D. It also downgraded debt of ₹5,000-crore of Reliance Commercial Finance to C from BBB+. Reliance Group firms have sued HT Media Ltd, Mint’s publisher, and nine others in Bombay high court over a 2 October 2014 front-page story that they have disputed.

Source: Mint April 29, 2019 19:18 UTC