4 Jul 2023 , 11:53 AM
IndusInd International Holdings (IIHL), owned by the Hinduja Group, has announced a capital-raising plan of $1.5 billion. The objective of the plan is to increase IIHL’s stake in IndusInd Bank from 15% to 26% and fund the acquisition of Reliance Capital (RCap).
Ashok P Hinduja, Chairman of IIHL, expressed that this capital raising decision opens up extensive opportunities for expanding their business in India and globally, particularly in the BFSI sector.
IIHL’s bid of Rs 9,661 crore for Reliance Capital was accepted by the lenders, securing 99% of their votes. IIHL has received a duly signed Letter of Intent as the sole Resolution Applicant for Reliance Capital Limited under the IBC process.
The underlying operating companies within Reliance Capital, including insurance, asset reconstruction, and broking, align with IIHL’s ambitions in the BFSI sector. The RCap administrator is expected to file IIHL’s resolution plan with the NCLT Mumbai before the approaching deadline of July 15.
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