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Anil Ambani's RCap buy: Reliance Capital shares BIG update on acquisition by Hinduja Group, firm moves...
The Ambani-led company has several entities under it, including Reliance Nippon Life Insurance and Reliance General Insurance.
Updated : Jan 22, 2025, 07:00 PM IST
 "Anil Ambani's Reliance Capital shares BIG update on acquisition by Hinduja Group, firm moves...")
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Anil Ambani, Reliance Group chairman and brother of Mukesh Ambani, seems to bounce back these days. Many of his companies either reduced their debt or became debt-free. However, one of his debt-ridden companies is being acquired by Hinduja Group. It is Reliance Capital (RCAP), which has now moved bourses for the delisting of its shares as part of the resolution process.
The company has in accordance with the approval of the monitoring committee, made applications to BSE and NSE for delisting of equity shares of the company, RCAP said in a regulatory filing. Besides, it has also approached BSE for delisting of non-convertible debentures.
Hinduja Group's Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as the successful suitor with a bid of Rs 9,650 crore for the resolution of RCAP. Later, the company paid Rs 200 crore to bolster RCAP's solvency, which was over and above the bid amount.
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RCAP is registered as a core investment company with the RBI. The Ambani-led company has several entities under it, including Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Money, Reliance Securities, Reliance Asset Reconstruction, and Reliance Commercial Finance. The National Company Law Tribunal (NCLT), Mumbai, on February 27, 2024, approved IIHL's resolution plan and subsequently extended the deadline for completion of the transaction to January 31, 2025.
In November 2021, RBI superseded the board of Reliance Capital on governance issues and payment defaults by the Anil Dhirubhai Ambani Group company. The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company.
(With inputs from PTI)
