Both the schemes are currently in midst of a 30-day load-free exit window given to investors, which is one of the regulatory provisions before any scheme can use the mechanism.
Separate portfolios holding RCap’s NCDs will get immediately carved out after this exit window ends on September 24.
RNam said it had received the trustees’ approval to create the separate portfolio.
While subscription and redemption will be suspended in these portfolios, these portfolios will be listed on the exchanges within ten working days of creating of the side-pockets to give an exit option to the unitholders.
In exchange disclosure, RCap has called CARE’s rating action as unjustified, saying that the dues were settled on the next working day and couldn’t be processed on the due date (September 9) on account of technical glitch in bank servers.
RCap, the financial service arm of Anil Ambani group firm, was an equal joint-venture partner in RNam. However, as part of its asset monetisation plans, the debt-troubled RCap is in the midst of exiting the mutual fund business.
Move follows downgrade of RCap’s long-term rating to ‘D’ by CARE Ratings
Reliance Equity Hybrid Fund’s exposure to RCap’s NCDs stood at Rs 34.6 crore
Reliance Equity Savings Fund’s exposure to the NCDs stood at Rs 95.7 crore
RNam says has received trustees’ nod to create the separate portfolio