Anil Ambani faces delay in massive Rs 98610000000 Reliance sale, Hinduja Group waiting for Rs 7300 crore…Anil Ambani’s Reliance Capital secured a buyout offer from Hinduja Group a few months ago.
Anil Ambani, younger brother of India’s richest man Mukesh Ambani, is facing delay to close the massive Rs 98610000000 acquisition deal of Reliance Capital.
Promoters of IndusInd International Holdings Limited (IIHL) Hinduja Group are arguing that approvals from the Reserve Bank of India (RBI) and the government are the reason behind this delay.
For the massive acquisition, the group plans to borrow Rs 7300 crore from lenders and pay Rs 2500 crore by equity infusion by IndusInd International from outside India.
To recall, Anil Ambani’s Reliance Capital secured a buyout offer from Hinduja Group a few months ago.
Anil Ambani faces delay in massive Rs 98610000000 Reliance sale, Hinduja Group waiting for Rs 7300 crore…
Anil Ambani’s Reliance Capital secured a buyout offer from Hinduja Group a few months ago.
Anil Ambani, younger brother of India’s richest man Mukesh Ambani, is facing delay to close the massive Rs 98610000000 acquisition deal of Reliance Capital. As per a report by the Mint, Hinduja Group has sought a 90-day extension till the end of August to complete acquisition of Reliance Capital. Promoters of IndusInd International Holdings Limited (IIHL) Hinduja Group are arguing that approvals from the Reserve Bank of India (RBI) and the government are the reason behind this delay.
As per affidavit filed with the National Company Law Tribunal (NCLT), Hinduja Group’s IIHL believed that closure of the deal will take time due to an ongoing work by the lenders for a renewed borrowing proposal for Rs 7300 crore and ambiguity over the extant foreign investment norms. The group also awaits thumbs up from the central bank.
For the massive acquisition, the group plans to borrow Rs 7300 crore from lenders and pay Rs 2500 crore by equity infusion by IndusInd International from outside India. To recall, Anil Ambani’s Reliance Capital secured a buyout offer from Hinduja Group a few months ago.
It is noteworthy that the National Company Law Tribunal (NCLT), Mumbai, while approving the resolution plan on February 27, had directed IIHL to implement the resolution plan within 90 days i.e. by May 27.
