Page 2 - Reliance Capital

RBI approves Hinduja Group directors on board of bankrupt Reliance Capital

Central bank clears resolution plan for Reliance Capital by IIHL BFSI (India)

Reserve Bank of India clears resolution plan for Reliance Capital

The Reserve Bank on Friday approved the resolution plan for debt-ridden Reliance Capital. The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company. This is to inform you that the Administrator of Reliance Capital Limited is in receipt of "No objection" vide letter dated November 17, 2023, from the Reserve Bank of India, the company said in a regulatory filing. IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated

Reliance Capital Q2FY24 result: Net loss at Rs 239 cr; revenue up 10%

The company's revenue from operations was up 10.29 per cent to Rs 6,392.6 crore during the quarter under review against Rs 5,795.8 crore last year

Bankers await closure of Reliance Cap acquisition by Hinduja Group

The group may look at raising by pledging shares of other group entities

Torrent files urgent plea in SC against Hinduja plan for Reliance Capital

Company says insolvency tribunal approved plan when appeals against it are pending

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NCLT rejects Torrents's plea; to hear Hinduja's plan for RCL on Sep 26

The National Company Law Tribunal (NCLT) will hear on September 26 the resolution plan for debt-ridden Reliance Capital submitted by Hinduja Group firm Indusind International Holdings Ltd (IIHL) as Torrent Investments' plea to keep the decision in abeyance has been rejected. The Mumbai bench of the insolvency tribunal has rejected the Torrent's plea to keep the application for approving IIHL's resolution plan in abeyance till a final order is passed by the Supreme Court in the matter. The matter was listed for hearing on Tuesday before the insolvency tribunal, however, it has now been adjourned to September 26. The NCLT said the Supreme Court on the plea filed by Torrent has 'abundantly' made it clear that it would be kept in abeyance until the parties have had an opportunity to obtain circulation and interim orders of stay in the proceedings. However, so far "Supreme Court did not stay the proceedings before us," said a two-member NCLT bench on September 1, 2023. Besides, it was

IndusInd holding co to raise $1.5 bn to fund RCap buy, increase stake

Hinduja group-owned IndusInd International Holdings (IIHL), the promoter of IndusInd Bank, on Monday announced a USD 1.5-billion capital raising plan to fund the proposed acquisition of Reliance Capital and increase its stake in the lender. The board of the Mauritius-registered IIHL also decided to increase its holding in the fourth-largest private sector lender to 26 per cent from the present 15 per cent, a statement issued from Port Louis said. It can be noted that on June 29, the lenders to the crippled Reliance Capital accepted the revised Rs 9,661 crore bid by IndusInd Bank. IIHL had made the highest cash offer of Rs 9,661 crore in the auctions and secured as much as 99 per cent of the lenders' votes. The bid also includes the Rs 500-crore cash balance with RCap going to the lenders, taking the overall recovery to Rs 10,200 crore or about 65 per cent of Rs 16,000 crore principal secured debt the crippled company owed to lenders. "The decision to raise UDS 1.5 billion opens ...

Lenders vote in favour of Hinduja offer for bankrupt Reliance Capital

Transaction will depend on the Supreme Court decision on plea filed by Torrent, the highest bidder in first auction

Voting on resolution plan for Hinduja Group's Reliance Capital begins today

Reliance Capital was sent for debt resolution in November 2021 after defaulting on loans worth Rs 24,000 crore

CoC clears plan to distribute funds equally to Reliance Capital lenders

Dissenting lenders to get same amount from Hinduja offer

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Reliance Capital lenders meeting today to address bidders concerns

The two bidders, Torrent Investment and IIHL, have raised multiple issues with the lenders and they want these issues to be settled

Reliance Capital resolution process deadline likely to be extended again

Deadline for resolution process ends on April 16; matter goes under litigation as one bidder moves court

RCap auction postponed to April 11 even as Torrent pursues litigation

Lenders fix Rs 9,000 cr as floor price; Torrent may participate, but it will be subject to SC decision on its petition, which will be heard in August

Reliance Capital second auction starts Tuesday amid Torrent litigation

Lenders have fixed Rs 9,000 crore as floor price for selling assets of bankrupt firm

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CoC of Reliance Capital decides to hold a second auction on April 4

The decision to hold a second auction was decided on Monday in a formal meeting of the CoC

RCap lenders in a fix as Hindujas retract revised Rs 8,950-crore offer

The revised Hinduja stand has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the Hindujas offer which led to a call for second auction and litigation by the other bidder

RCap insolvency: SC agrees to hear Torrent plea against NCLAT order

Hearing on March 20; second round of auction of RCap auctions allowed by NCLAT stand deferred, say lawyers