India’s Hinduja Group intends to raise approximately Rs 73 billion (equivalent to $873 million) through the issuance of bonds priced at two rupees each. This move is aimed at partially financing its acquisition of Reliance Capital, a local financial services firm previously owned by Anil Ambani, the younger brother of Mukesh Ambani, Asia’s wealthiest individual.
Barclays Plc and 360 ONE have been appointed as arrangers and underwriters for this bond offering, according to sources familiar with the matter who preferred anonymity due to the confidential nature of the discussions. The syndication process to attract investors commenced last week, with expectations that the deal will be finalized within a month.
Private credit funds are reportedly in discussions with the arrangers to subscribe to these bonds, indicating strong interest in the offering.
As of now, there has been no response from representatives of the Hinduja Group, Barclays, or 360 ONE to requests for comments on this development.
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