RCap raises Rs 2,500 cr from banks, financial institutions

Reliance Capital, part of Anil- Ambani led Reliance Group, has raised Rs 2,500 crore from banks and financial institutions for refinancing its debt, banking sources said.

The money has been raised through term loan and non- convertible debentures (NCDs) with maturity period ranging from 5-7 years.

When contacted, a Reliance Capital spokesperson declined to comment on the issue.

Reliance Capital is present across various businesses including consumer finance, broking, wealth management, distribution of financial products and asset reconstruction.

In October, the Group's mutual fund arm -- Reliance Nippon Life Asset Management (RNAM) -- mopped-up Rs 1,542 crore through its initial public offer.RNAM's public issue comprised fresh issuance of 2.45 crore shares, besides an offer for sale of 3.67 crore shares by Reliance Capital and Nippon Life Insurance Company.