The Hinduja Group’s IndusInd International Holdings (IIHL) has filed an application with the National Company Law Tribunal (NCLT) in Mumbai. IIHL is prepared to pay ₹2,750 crore as initial capital to acquire the bankrupt Reliance Capital (RCap). However, certain requirements in the approved resolution plan still need to be met, according to sources.
IIHL plans to fund the resolution with ₹7,300 crore in loans and ₹2,750 crore in equity and has already secured arrangements with lenders. In an email, IIHL’s CEO, Moses John, asked RCap administrator Nageswara Rao to complete several steps before transferring the money to the escrow account.
These steps include appointing a trustee for excluded assets, listing creditors and their payments, setting dates for delisting shares and NCDs, finalizing the share capital reduction, creating an escrow account, and resolving GST issues.
NCLT extended IIHL’s deadline to complete these formalities until August 10. IIHL must deposit ₹2,750 crore in the escrow account by July 31. Previously, IIHL deposited ₹500 crore as an initial commitment when it emerged as the highest bidder for RCap.
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