Reliance Captial

Reliance Retail targets new store profitability within a year or shut down

The new rule for upcoming retail stores is a big change from the earlier policy of Reliance Retail, which allowed up to two years to asses if a retail store could be profitable

IIHL completes acquisition of RCAP; mgmt transfer to take place on Wed

IndusInd International Holdings Ltd (IIHL) has completed the transaction to acquire debt-ridden Reliance Capital (RCAP) by transferring the entire bid amount to lenders, IIHL chairman Ashok Hinduja said on Tuesday. The management transfer is likely to take place on Wednesday. "The transaction from our side is over. As we are speaking, money is moving from one escrow to another," Hinduja said while addressing the media here. The journey for value creation would now begin, he said, adding that the value of the Reliance Capital business on a conservative basis would be Rs 20,000 crore. IIHL would complete the review of the entire RCAP business and take a call on the fund infusion required, he said. With regard to subsidiaries, he said there are about 39-40 entities of Reliance Capital and the new management would divest many of them as they are mostly small shell entities with small businesses. The financial services firm has 1.28 lakh employees and the new management would protect

Reliance Industries seeks extension for EV battery-making plant setup

The government has slapped a penalty on a unit of Reliance Industries Ltd for failing to meet the deadline for setting up a battery cell plant for which it was granted production-linked incentives, the firm said on Tuesday. In a stock exchange filing, Reliance said its step-down subsidiary, Reliance New Energy Battery Storage Ltd on March 3 received "a letter from the Ministry of Heavy Industries levying liquidated damages at the rate of 0.1 per cent of the performance security (Rs 50 crore) for each day of delay from January 1, 2025." The penalty was for the "delay in achievement of Milestone 1 under the programme agreement executed with MHI in connection with 5 GWh manufacturing capacity awarded under the Performance-Linked Incentive Scheme for Advanced Chemistry Cell," it said. The liquidated damages or penalty computed till March 3, 2025 was Rs 3.1 crore. "RNEBSL has requested for an extension of time for achievement of the said Milestone 1," it said. The firm, however, neithe

IIHL to acquire Reliance Capital by Feb 26, meeting scheduled for Tuesday

IndusInd International Holdings Limited (IIHL) is set to acquire the debt-ridden Reliance Capital by February 26 as the National Company Law Tribunal (NCLT) on Monday accepted the acquiring company's request. During the hearing, sources said, IIHL confirmed submission of all definitive documents and achieving financial closure towards implementation of the resolution plan of Reliance Capital. NCLT has accepted IIHL's plea for achieving closure by February 26, 2025 in the hearing earlier in the day. Consequently, the next hearing in the matter is scheduled on February 26 for final closure of implementation of approved resolution plan and handing over the control of Reliance Capital and its subsidiaries to IIHL. IIHL's lenders have reassured that they are ready to draw down the remaining funds of Rs 4,300 crore required to complete the payment of total Rs 9,861 crore of resolution plan value to creditors of Reliance Capital Ltd (RCL), sources said. IIHL has already completed more th

Delisting Reliance Cap one of last milestones towards acquisition: Hinduja

IndusInd International Holdings Ltd (IIHL) Chairman Ashok P Hinduja said the delisting of Reliance Capital is one of the last milestones towards the closure of the acquisition of the debt-ridden financial firm. "This is one of the last milestones towards the closure of this acquisition process", he said, while referring Reliance Capital approaching bourses for delisting of its shares as part of resolution process. Reliance Capital on Tuesday in a regulatory filing said it has approached the bourses for delisting of its shares as part of the resolution process. "The delisting is likely to be completed by the stock exchanges by the end of this month. Thereafter, the transaction is likely to be completed by February 10," said a person aware of the development. Reliance Capital had said it has in accordance with the approval of the monitoring committee, made applications to the BSE and the NSE for delisting of equity shares of the company, RCAP said in a regulatory filing. Besides, it

Reliance Capital approaches exchanges for delisting of its shares

Debt ridden-Reliance Capital (RCAP) on Tuesday said it has approached bourses for delisting of its shares as part of 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. 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 solvency, which was over and above the bid amount. 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. RCAP, registered as core investment company with the RBI, has several entities under it, including Reliance Nippon Life Insurance, Reli

IIHL's takeover of Reliance Capital set to complete by January end

RCap subsidiaries to get listed by mid-2026, 2027

Hinduja Group seeks Rs 4,300 crore for Reliance Capital's second tranche

Hinduja Group seeks Rs 4,300 crore for Reliance Capital's second tranche, delays due to DPIIT approval; first tranche of Rs 3,000 crore raised in September via Barclays, 360 One

DPIIT gives nod to Hinduja Group firm IIHL for acquisition of RCAP

The Department for Promotion of Industry and Internal Trade (DPIIT) has given a go-ahead to Hinduja Group firm IIHL for acquisition of debt-ridden Reliance Capital Ltd (RCAP), sources said. DPIIT approval was required as some of the shareholders of IndusInd International Holdings Ltd (IIHL) are residents of Hong Kong, a special administrative region controlled by China. According to Press Note 3, if an entity from a nation sharing a land border with India (China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan), or if a citizen or permanent resident of any such country is the beneficial owner of an investment in India, they are required to pursue investment through the government approval route. According to sources, the green signal from the DPIIT will help take forward the resolution plan submitted by Mauritius-based IIHL, which emerged as the successful bidder by submitting Rs 9,861-crore bid for the debt-ridden financial firm. The NCLT Mumbai on February 27, 2024,

Pressure amps up on Infosys, Wipro likely to beat high expectations

The 2025 financial year has been seen as one of recovery for Indian IT companies after a slowdown in spending from US-based clients brought revenue growth down to the low single-digits in the previous

Hinduja group firm to raise Rs 3,000 crore as debentures to fund RCap buy

The zero-coupon debenture issue will open and close on Monday and attract a yield rate of 14.5 per cent

Hinduja Group's IIHL files documents to raise Rs 3,000 crore via NCDs

Hinduja Group firm IIHL, the successful resolution applicant for takeover of debt-ridden Reliance Capital (RCAP), on Monday filed offer documents to raise Rs 3,000 crore through non-convertible debentures (NCDs), according to sources. The proceeds will be used to part fund the acquisition of RCAP, while the other leg of the transaction to complete the process for Rs 4,300 crore is parallelly underway which will be subject to receipt of regulatory approvals and completion of formalities by the administrator, sources said. IndusInd International Holdings Ltd (IIHL) has filed the NCD offer document with the BSE. The NCD -- with a duration of 3.5 years -- is expected to open for subscription early next week, sources said. IIHL has already brought its equity component of Rs 2,750 crore for the transaction, which has been deposited in a designated account of the Committee of Creditors, under the supervision of NCLT. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,650-crore ..

Mcap of eight of top-10 most valued firms erode by Rs 2 trn; TCS, LIC drop

The combined market valuation of eight of the top-10 most valued firms got eroded by Rs 2,01,699.77 crore last week, with Reliance Industries and Tata Consultancy Services emerging as the biggest laggards, in line with weak trends in equities. Last week, the BSE benchmark dropped 1,181.84 points, or 1.43 per cent. The market valuation of Reliance Industries tumbled Rs 60,824.68 crore to Rs 19,82,282.42 crore. The valuation of Tata Consultancy Services (TCS) slumped Rs 34,136.66 crore to Rs 16,12,762.51 crore. State Bank of India's valuation dropped Rs 29,495.84 crore to Rs 6,98,440.13 crore and that of Bharti Airtel diminished Rs 28,379.54 crore to Rs 8,76,207.58 crore. The market capitalisation (mcap) of Infosys tanked Rs 17,061.44 crore to Rs 7,89,819.06 crore and that of Life Insurance Corporation of India (LIC) eroded by Rs 16,381.74 crore to Rs 6,57,009.14 crore. ICICI Bank's mcap declined Rs 15,169.76 crore to Rs 8,51,204.65 crore and that of ITC was down Rs 250.11 crore to

IIHL concerned over GST liability for RCap resolution plan implementation

Hinduja Group-owned IndusInd International Holdings on Wednesday contended before the National Company Law Tribunal that the GST liability of Rs 850 crore is a sticky issue in the implementation of Reliance Capital's resolution plan. Senior counsel Abhishek Manu Singhvi, representing IndusInd International Holdings, told the tribunal that it has received 7 approvals, including from the RBI and Sebi. He said that as directed by the tribunal on August 12, IIHL held a joint meeting with the CoC to sort out various issues. Singhvi, however, raised concern over the GST liability of Rs 850 crore. He further said that the company is prepared to pay Rs 9,861 crore, however, there is an issue of GST liability of Rs 850 crore. "We had a joint meeting (IIHL and the CoC) to sort out issues. However, the GST liability remains a sticky issue. The GST liability of Rs 850 crores is clearly already covered in the NCLT February 27 order, which says waiver of any tax, including but not limited to in

RCap lenders raise concerns over Rs 7.3k cr debt term sheet offered by IIHL

Lenders to debt-ridden Reliance Capital (RCAP) have raised concerns regarding the term sheet provided by the Hinduja Group firm IIHL for Rs 7,300 crore debt mobilisation to fund acquisition. The committee of creditors (CoC) has expressed concerns that bankers to IndusInd International Holdings Ltd (IIHL) have imposed numerous conditions for offering Rs 7,300 crore debt and some of these conditions can only be met by IIHL after the resolution plan has been executed, sources said. This makes the drawdown of funds needed to settle payments to the debtors of RCAP for the resolution plan virtually impossible, sources said. Message to IIHL seeking comments on the issue did not elicit any response till the filing of the story. Besides, sources said, the term sheets indicate that additional terms and conditions may be introduced in the final binding agreements. The CoC has requested that IIHL should also provide these definitive documents for review, they said. Notably, IIHL is raising R

ADAG stocks crack up to 10% as Sebi bans Anil Ambani from markets for 5 yrs

Sebi bans Anil Ambani news: According to a PTI report, Sebi has barred Anil Ambani, and 24 other entities, from the securities market for a period of five years

NCLT urges RBI, DIPP to speed up approvals for RCap resolution plan

The National Company Law Tribunal on Monday directed the Reserve Bank and Department of Industrial Policy and Promotion to expedite the approval process to implement Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) -- comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan. After IIHL breached the third deadline on May 27, the NCLT on July 23 exten

Funds not deposited by IIHL for bankrupt Reliance Capital buy: CoC

IIHL denies any default in payment to lenders

RCap resolution: NCLT defers matter on IIHL plea for deadline to June 25

National Company Law Tribunal (NCLT) on Thursday deferred the matter regarding the plea of Hinduja Group firm IIHL for extension of deadline for completing Reliance Capital's resolution to June 25. IndusInd International Holdings Ltd (IIHL) is the successful bidder for the resolution of debt-ridden Reliance Capital, the financial services arm of Anil Ambani Group. The matter was heard on Thursday and the NCLT Bench further directed the matter to be listed on June 25, 2024, Reliance Capital said in a regulatory filing. The successful resolution applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 sought an extension of 90 days from May 27, 2024 for the implementation of the approved resolution plan, it said. Following the application moved IIHL, the NCLT heard the matter on June 13 and June 20. In November 2021, the Reserve Bank of India superseded the board of Reliance Capital on governance is

RCap resolution: NCLT to hear IIHL plea for deadline extension on June 20

National Company Law Tribunal (NCLT) will hear the plea of Hinduja Group firm IIHL for extension of deadline for completing Reliance Capital's resolution on June 20. IndusInd International Holdings Ltd (IIHL) is the successful bidder for the resolution of debt-ridden Reliance Capital, the financial services arm of Anil Ambani Group. The National Company Law Tribunal Mumbai bench on February 27, 2024 approved the Rs 9,650-crore resolution plan for Reliance Capital and fixed May 27, 2024 as deadline for completion. IIHL has moved NCLT seeking a 90-day extension beyond the deadline to implement the resolution plan. The successful resolution applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 sought an extension of 90 days from May 27, 2024 for the implementation of the approved resolution plan, Reliance Capital said in a regulatory filing The matter was heard on June 13, 2024 by the NCLT and the