Page 2 - Reliance Captial

Mcap of 8 most valued firms jumps Rs 3.28 trn; HUL, Reliance lead winners

Eight of the 10 most valued domestic firms together added Rs 3.28 lakh crore to their market valuation last week, with blue-chips Tata Consultancy Services, Hindustan Unilever and Reliance Industries emerging as the biggest winners. In an eventful week, the BSE benchmark jumped 2,732.05 points or 3.69 per cent. The 30-share BSE Sensex jumped 1,720.8 points or 2.29 per cent to hit a new record peak of 76,795.31 in intra-day trade on Friday. The benchmark ended at a record high of 76,693.36, up 1,618.85 points or 2.16 per cent. From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, Hindustan Unilever (HUL) and ITC were the gainers. These companies added a total of Rs 3,28,116.58 crore to their market valuations. State Bank of India and Life Insurance Corporation of India (LIC) were the laggards from the top-10 pack. The market valuation of TCS zoomed Rs 80,828.08 crore to Rs 14,08,485.29 crore, emerging as the bigge

RCap lenders can't take coercive action against IIHL, rules NCLT

IIHL seeks 90-day extension ahead of May 27 deadline

Sebi fines Rs 8 lakh on Reliance Home Finance for disclosure lapses

Capital markets regulator Sebi on Friday imposed a penalty of Rs 8 lakh on Reliance Home Finance for failing to make disclosures pertaining to NCLT order issued in June 2021 to the stock exchanges. The fine has to be paid within 45 days, the Securities and Exchanges Board of India (Sebi) said. In its order, Sebi noted that Reliance Home Finance has not made disclosures with respect to the NCLT order dated June 21, 2021 and also did not disclose information regarding appeals filed by it and Bank of Baroda against the NCLT's order. As per the NCLT's order, Reliance Home Finance was directed to pay the interest on the debentures at the contractual rate, calculated till realisation, within two months and redeem the debentures on payment of the principal in three months thereafter. Going by the order, the outstanding amount due and payable in respect of the secured non-convertible debentures (NCDs) was more than Rs 2,850 crore. The company was required to make the disclosures within 24

Reliance Capital seeks 10-day extension to transfer assets to Hinduja group

The administrator of debt-ridden Reliance Capital (RCAP) has approached the Reserve Bank to seek a 10-day extension of the deadline to transfer businesses to a successful bidder -- a Hinduja Group company, sources said. The deadline for the transfer of Reliance Capital's asset to Aasia Enterprises, a Hinduja Group company, ended on Friday, they added. The RBI approval granted on November 17, 2023, was valid for only 6 months. The RCAP Administrator has sought an extension of 10 days till May 27 from the RBI, sources said. It may be mentioned that May 27 also happens to be the deadline for the implementation of the resolution plan by the Hinduja Group company as per the NCLT order. The National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed IndusInd International Holdings Ltd to implement it within 90 days ending May 27. The tribunal had approved Hinduja Group firm IndusInd International Holdings Ltd's Rs 9,650-crore resolution pla

RCap lenders urge Hinduja Group arm to stick to resolution plan deadline

Concerned over slow progress, the lenders of debt-ridden Reliance Capital (RCAP) have asked the Hinduja Group arm, IndusInd International Holdings Ltd, to expedite the process of obtaining necessary regulatory approvals and stick to the resolution plan deadline of May 27. In a meeting held in Mumbai on Friday with the senior officials of IndusInd International Holdings' (IIHL), the lenders of RCAP said the company has to make a payment of Rs 9,650 crore to them by the said date, a source said. It is to be noted that the National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed the IIHL to implement the resolution plan within 90 days i.e. May 27. As per the approved resolution plan, IIHL has to make an upfront payment of Rs 9,650 crore to the RCAP lenders. According to the sources, the lenders expressed concerns over the slow progress towards the implementation of RCAP resolution plan, as IIHL is yet to receive the crucial IRDAI approv

Hinduja nears Rs 4,000 cr borrowing deal for Reliance Capital acquisition

The group's acquisition is still pending court and regulatory approvals. If the transaction is successful, IIHL, along with other entities, will have a controlling stake in Reliance Capital

CCI clears stake acquisition in RCap by IIHL, IIHL BFSI (I) Ltd, Aasia

Fair trade regulator Competition Commission of India on Wednesday said it has cleared the proposed stake acquisition in Reliance Capital by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Reliance Capital Ltd (RCL) is an RBI-registered non-banking, non-deposit-taking systemically important company (NBFC-CIC-ND-SI). It is engaged in the financial service sector. The combination relates to the acquisition of a controlling stake in Reliance Capital Ltd by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Post the completion of the transaction, IndusInd Bank, along with other entities, will have a controlling stake in Reliance Capital. "Commission approves the proposed acquisition of the control/stake in Reliance Capital Limited by IndusInd International Holdings Limited, IIHL BFSI (India) Limited, and Aasia Enterprises," CCI said in a post on X. In July, Hinduja group-owned IndusInd International Holdings (IIHL), th

21 companies bid for Centre's incentives to manufacture electrolysers

Reliance Electrolyser Manufacturing, Adani New Industries, L&T Electrolysers and Bharat Heavy Electricals are among 21 companies that have bid for government's incentives to set up 3.4 GW of annual capacity for manufacturing electrolyser, a critical component required for hydrogen production. According to an official statement, the bids came in response to a tender by Solar Energy Corporation of India (SECI) inviting players for setting up 1.5 GW manufacturing capacity for electrolyser manufacturing. Bids for electrolyser manufacturers were invited on July 7 this year. On July 10, state-owned SECI also invited bids for selection of green hydrogen producers for setting up production facilities of 4,50,000 tonnes of green hydrogen under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Mode-1-Tranche-I). The SECI statement showed that 21 firms have bid for incentives for setting up 3.4 GW of electrolyser manufacturing capacity annually against 1.5 GW on ...

Markets log gains for second day on buying in Reliance, HDFC Bank

The Nifty advanced 93.65 points or 0.49 per cent to 19,140.90

RGIC takes legal opinion on Hinduja's plan to extinguish ESOPs of RCAP

Hinduja-led IIHL -- the successful bidder for Reliance Capital under insolvency proceedings -- cannot extinguish the employees stock options (ESOPs) and other incentive schemes for the Reliance General Insurance Company (RGIC) employees, a subsidiary of Reliance Capital, according to legal opinion taken by Reliance General Insurance. The legal opinion was necessitated as IIHL in its resolution plan for Reliance Capital has sought to extinguish all employees stock option plans, phantom stocks or similar incentive schemes of Reliance Capital and its subsidiaries, including RGIC, so that no additional cost is incurred after the takeover. Reliance General Insurance has issued ESOPs to its employees. Khaitan & Co in its legal opinion submitted to the RGIC has opined that under IBC, treatment of assets and liabilities of subsidiary companies are not permitted to be prescribed under a resolution plan for the holding company. The IBC recognises the principle of 'separate legal entity', ...

Hindujas tap private credit, foreign banks for Reliance Capital buy

The Hinduja group had offered the shares of two insurance companies owned by Reliance Capital to raise funds and was in talks with Barclays, JP Morgan, Cerberus Capital Management and Apollo

Hinduja Group in talks with private debt funds to raise around $800 million

India has become a hotbead for private credit activity, in part because regulation forbids local banks from extending loans for mergers and acquisitions

Reliance Capital posts consolidated net profit of Rs 444 crore in Q1

Debt-ridden Reliance Capital on Sunday reported coming back in black in the April-June quarter of 2023-24 with a consolidated net profit of Rs 444 crore for the period driven by the good performance of group companies. The financial services firm under the debt resolution process had a net loss of Rs 491 crore in the corresponding quarter of 2022-23. The company's total income during April-June 2023 stood at Rs 6,001 crore against Rs 3,604 crore in the year-ago quarter, Reliance Capital said in a regulatory filing. Its total expenses rose to Rs 5,560 crore, from Rs 4,068 crore in the first quarter of the previous year. The company has a presence in finance and investment business, general and life insurance, commercial finance and others. 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 Insolve

Reliance Capital to infuse Rs 200 cr in Reliance General Insurance

Lenders of Reliance Capital (RCAP) have approved the capital infusion in Reliance General Insurance to improve solvency margin of the general insurance arm, according to sources. The capital infusion is likely to happen by the end of August, they said. Post the capital infusion by RCAP, Reliance General Insurance will also raise an additional Rs 400 crore Tier 2 capital to accelerate growth, sources said. The capital infusion in Reliance General comes at a time when the Committee of Creditors (CoC) has approved the Resolution Plan of IndusInd International Holdings Ltd (IIHL), a Hinduja Group entity, with 99.6 per cent votes. The lenders are expected to receive Rs 10,000 crore from the IIHL's resolution plan. The administrator of RCAP has also filed the IIHL's resolution plan with the NCLT for its approval. Reliance General Insurance has in the past made multiple appeals to the CoC for the capital infusion. The general insurer had earlier this year sought Rs 600 crore capital inf

Creditors approve Reliance Capital infusing Rs 200 cr in insurance arm

Profit-making unit of bankrupt firm has said the capital infusion will increase regulatory comfort

Hinduja Group dials lenders to raise $1 bn for Reliance Capital acquisition

The lenders that the Hinduja Group has reached out to include names like Farallon Capital, Oaktree, Ares Asia, and Cerberus

Reliance Capital loss narrows to Rs 1,488 cr, expenses fall to Rs 5,949 cr

Reliance Capital, a part of debt-ridden Anil Ambani-promoted Reliance Group on Saturday said its consolidated net loss narrowed to Rs 1,488 crore in the fourth quarter ended March 2023. The company posted a net loss of Rs 4,249 crore in the January-March quarter of the last fiscal. Its total consolidated income declined to Rs 4,436 crore in the quarter from Rs 4,770 crore in the year-ago period, Reliance Capital said in a regulatory filing. The total expenses decreased to Rs 5,949 crore against Rs 8,982 crore in the corresponding quarter of the preceding fiscal. On a standalone basis, the company posted a net loss of Rs 1,389 crore compared to Rs 25 crore a year ago. The total income declined to Rs 3 crore in the March 2023 quarter from Rs 5 crore in the year-ago period. The company is under the insolvency process since November 29, 2021, when the Reserve Bank of India (RBI) superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The

Reliance Consumer Products strengthens its bottling play for Campa

Brings in Vinayak Beverages and Jallan as packaging partners; more tie-ups in the works

Reliance Cap lenders to meet on Friday to take call on Hinduja Group bid

Lenders of debt ridden Reliance Capital (RCap) will meet on Friday to take a call on Hinduja Group firm's bid to acquire the financial services firm. IndusInd International Holdings Ltd (IIHL), a Hinduja Group firm, emerged as the highest bidder with an offer of Rs 9,650 crore in the second round of bidding concluded on Wednesday. IIHL is slated to make a presentation to the lenders on its resolution plan on Friday, sources said. IIHL was the sole bidder in the second round of auction of Reliance Capital, as Torrent Investments and Oaktree decided not to participate in the auction. In addition to the Rs 9,650 crore bid, the IIHL has also offered Rs 300 crore capital infusion into Reliance General Insurance, and another Rs 50 crore for the items excluded under section 66 of the Insolvency and Bankruptcy Code, 2016 (IBC). This takes the total value of IIHL's bid to Rs 10,000 crore and it has expressed intent to pay entire bid amount upfront. The total value of IIHL's bid is around

Hinduja lone bidder for RCap in second auction, offers Rs 9,650 cr

Upfront payment proposed; Torrent, Oaktree skip