Group firm IIHL had emerged as the highest bidder for Reliance Capital in the second round of the auction with an offer of over $1.1 billion.
The Hinduja Group is planning to secure Rs 7,300 crore ($873 million) through two rupee bond offerings to partly finance its acquisition of Reliance Capital, Bloomberg reported on Thursday, citing people familiar with the matter.
Last week, Barclays and 360 ONE—reportedly mandated as arrangers and underwriters for the issuance—started the syndication process to seek investors. The deal is likely to be closed in a month’s time, according to Bloomberg.
In November 2021, the Reserve Bank of India had initiated bankruptcy proceedings against Reliance Capital after the company defaulted on bonds totalling Rs 24,000 crore (over $2.5 billion). As part of …
Disha is a writer at The Morning Context. She has previously worked at the digital production desk of Reuters. Prior to that, she was a sub-editor at Deccan Herald.
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