New Delhi, May 6 (PTI) Debt-laden Reliance Home Finance (RHFL) on Friday reported ballooning of its net loss to Rs 4,522.19 crore for the quarter ended March 2022.

It had posted a net loss of Rs 444.62 crore in the same period a year ago.

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Total income during January-March quarter of 2021-22 fell to Rs 16.35 crore as against Rs 162.08 crore in the same period of 2020-21, Reliance Home Finance said in a regulatory filing.

For the full year FY22, company's net loss stood at Rs 5,439.60 crore, a rise of over three times from the preceding year's loss of Rs 1,520 crore.

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Income during the year plunged by 65 per cent to Rs 294 crore from Rs 840 crore.

The home finance company of the Anil Ambani-promoted ADAG group has defaulted in payment of borrowing obligations totalling Rs 10,123 crore as of March 31, 2022. The company's assets cover has also fallen below 100 per cent of outstanding debentures amounting to Rs 5,967 crore.

The company's lender consortium led by Bank of Baroda has entered into an inter-creditor agreement (ICA) for arriving at a debt resolution plan.

As per the plan, the lead bank and ICA lenders invited expressions of interest and evaluated the bids received, following which Authum Investment & Infrastructure (Authum) was selected as the final bidder in June 2021.

The implementation of the resolution plan of the successful bidder is subject to various approvals, including from debenture holders, shareholders and regulatory authorities, as well as vacation of existing legal injunctions on the company.

In one of the matters before the Bombay High Court, the debenture trustee IDBI Trusteeship Services has called a meeting on May 13, 2022 of all the debenture holders to consider and approve the resolution plan.

The net worth of the company as of March 31, 2022 stands eroded to (-) Rs 5,481.56 crore, while the earnings per share stood at (-) Rs 112.15.

Stock of Reliance Home Finance ended at Rs 3.78 apiece on BSE, down by 2.33 per cent from the previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)