Anil Ambani’s debt-ridden Reliance’s ‘buyer’ now waits for RBI nod, wants Rs 80000000000…Hinduja Group's IIHL is waiting for a nod from RBI to pledge 100% shares of Reliance Capital to raise Rs 8000 crore.
Anil Ambani’s debt-ridden Reliance Capital will soon have a new owner as IRDAI has given green signal to Hinduja Group’s IndusInd International Holdings Limited (IIHL) for the acquisition.
To recall, Anil Ambani’s Reliance Capital secured a buyout offer of Rs 9650 crore from IIHL a few months ago.
According to the report, the proceeds from the Rs 8000 crore loan will be used to pay lenders of Anil Ambani's erstwhile bankrupt Reliance Capital.
Hinduja Group aims to secure a Rs 8000 crore loan before the May 27 deadline set by a bankruptcy court to close the deal.
Anil Ambani’s debt-ridden Reliance’s ‘buyer’ now waits for RBI nod, wants Rs 80000000000…
Hinduja Group's IIHL is waiting for a nod from RBI to pledge 100% shares of Reliance Capital to raise Rs 8000 crore.
Anil Ambani’s debt-ridden Reliance Capital will soon have a new owner as IRDAI has given green signal to Hinduja Group’s IndusInd International Holdings Limited (IIHL) for the acquisition. To recall, Anil Ambani’s Reliance Capital secured a buyout offer of Rs 9650 crore from IIHL a few months ago. Hinduja Group’s firm has already received clearance from SEBI, CCI, IRDAI and RBI. Now as per a report by the Economic Times, IIHL is waiting for a nod from RBI to pledge 100% shares of Reliance Capital to raise Rs 8000 crore.
According to the report, the proceeds from the Rs 8000 crore loan will be used to pay lenders of Anil Ambani's erstwhile bankrupt Reliance Capital. RBI is reportedly evaluating the IIHL BFSI (India) proposal submitted in early May.
Previous reports suggested that Hinduja Group is reportedly in talks with three Japanese banks - Mizuho, SMBC and MUFG to borrow Rs 8000 crore to acquire Anil Ambani’s Reliance Capital under the bankruptcy code.
Hinduja Group aims to secure a Rs 8000 crore loan before the May 27 deadline set by a bankruptcy court to close the deal. Hinduja Group wants five year loans at an interest cost of 8-9% a year. The report suggests that Japanese banks will likely derive comfort from Reliance Capital's partnership with Nippon Life. For those who are unaware, the two together run a life insurance joint venture in India.
