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Highlights From Chairman’s Speech - Reliance Capital Agm

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By Author: Ritu Shah
Total Articles: 1
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Mumbai, 30 September 2019

THIS IS AN EXTRAORDINARY MOMENT IN THE LIFE OF OUR NATION, OUR POLITY AND FOR DOING BUSINESS IN INDIA. POLITICAL STABILITY GUARANTEES A SEAMLESS TRANSMISSION OF POLICIES AND PRIORITIES THAT WILL DRIVE PM MODI’S DREAM OF TURNING INDIA INTO A $5 TRN ECONOMY BY 2024

BUSINESSES ARE BUILT BY RISK-TAKING DREAMERS AND ENTREPRENEURS. NUMBERS, RATIOS AND BALANCE SHEETS NO DOUBT MATTER BUT NOT MORE THAN THE THREE Ms: MOOD, MORALE AND MINDSET

IN THE LAST 6 MONTHS, RELIANCE CAPITAL HAS SUFFERED COLLATERAL DAMAGE DUE TO CRISIS IN THE FINANCIAL SECTOR, IRRATIONAL ACTION BY AUDITORS AND RATING AGENCIES AND THE NOW RECOGNISED SLOWDOWN. THESE EVENTS WERE AIDED AND ABETTED BY RECKLESS SELLING AND RUMOUR MONGERING

BUT EVEN IN THESE TIMES, IN THE LAST 6 MONTHS, NUMBER OF OUR RETAIL SHAREHOLDERS INCREASED BY OVER 10 LAKHS, SIGNALING THEIR STRONG SUPPORT AND TRUST IN THE RELIANCE GROUP

THE GROUP HAS REPAID OVER Rs 35,000 CRORE IN THE LAST 14 MONTHS TILL MAY 29, AND WILL BE REPAYING ANOTHER Rs 15,000 CRORE TILL MARCH 2020, AGGREGATING TO OVER Rs 50,000 CRORE THROUGH ASSET MONETIZATION AND CASHFLOWS.

WE ARE IN THE PROCESS OF TRANSFORMING RELIANCE CAPITAL. JUST LAST WEEK WE CONCLUDED THE SALE OF RELIANCE NIPPON LIFE ASSET MANAGEMENT COMPANY WHICH CREATED INFINITE RATE OF RETURN WITH THE STAKE BEING VALUED AT Rs 6000 CRORE, USED ENTIRELY TO REDUCE DEBT

AS PART OF THE TRANSFORMATION PROCESS, RELIANCE CAPITAL WILL NO LONGER BE IN THE LENDING BUSINESS. BOTH THE LENDING BUSINESSES – RELIANCE HOME FINANCE AND RELIANCE COMMERCIAL FINANCE – ARE WORKING WITH THEIR LENDERS TO FINALISE A RESOLUTION PLAN, EXPECTED TO BE COMPLETED BY DECEMBER 2019

RELIANCE CAPITAL WILL ONLY BE A FINANCIAL SHAREHOLDER IN BOTH THESE COMPANIES TO RECONVERGE SHAREHOLDER VALUE UNDER A NEW MANAGEMENT AND SHAREHOLDING STRUCTURE AND EFFECTIVELY REDUCE DEBT OF RELIANCE CAPITAL GROUP BY Rs 25,000 CRORE

RELIANCE GENERAL INSURANCE HAS BEEN GROWING AT A CAGR OF 20% FOR THE LAST FEW YEARS. IT IS ADEQUATELY CAPITALISED AND NEEDS MINIMAL CAPITAL FOR FUTURE GROWTH. AT COMPARABLE MULTIPLES, THE BUSINESS IS VALUED AT OVER Rs 8,000 CRORE

RELIANCE NIPPON LIFE INSURANCE WITH OVER 58,000 ADVISORS IS ONE OF THE LARGEST LIFE PLAYERS WITH CLOSE TO 10 MN POLICYHOLDERS. AT COMPARABLE MULTIPLES THE VALUE OF OUR STAKE IN THE LIFE INSURANCE BUSINESS IS VALUED AT OVER Rs 7,000 CRORE.

AT THE TRANSFORMED RELIANCE CAPITAL, BOTH LIFE AND GENERAL INSURANCE WILL BE OUR LONG-TERM VALUE CREATORS

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