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Reliance Capital: Hinduja Group company IndusInd International Holding Limited (IIHL) has received an offer of Rs 50,000 crore from major foreign lenders for the acquisition of Reliance Capital in the recently concluded auction. Let us tell that IIHL has made an advance cash offer of 9650 crores to buy Reliance Capital. Apart from Hinduja, Torrent Investments and Oaktree Capital were also involved in the race. However, both of them did not submit bids. But, he had earlier indicated that he would participate in the process.
IIHL received proposals from these institutes
IIHL has been given letters of undertaking by some of the leading banks and financial institutions. These include JP Morgan, Standard Chartered Bank, Barclays, Apollo Global Management, Verde Partners, and Farallon Capital. IIHL plans to fund the Rs 10000 crore Reliance Capital acquisition through a combination of debt and equity. The debt equity ratio is estimated to be 80:20. According to the information, IIHLL is offering Rs 10,000 crore for Reliance Capital. Whereas, the liquidation value and fair value of the company have been estimated at Rs 13000 and Rs 17000 crore respectively.
IIHL is the holding investment arm of the Hinduja Group.
Mauritius-based IIHL is the holding investment arm of the Hinduja Group and is headquartered in the UK. IIHL holds 12.58 per cent equity stake in group-owned IndusInd Bank, apart from various investments in multiple sectors and companies. At the current market capitalization of around Rs 88000 crore, the value of IIHL’s stake in IndusInd Bank is estimated at around Rs 11000 crore. In addition, IIHL with a net asset value of Rs 2200 crore has invested in a wide range of services and sectors including IT, housing loans, vehicle finance and media services.
Hinduja brothers eighth richest Indian
According to Forbes’ 2022 ratings, the Hinduja brothers are the eighth richest Indians with a net worth of Rs 1.24 lakh crore. The Sunday Times UK Rich List 2022 has ranked the Hinduja family as Britain’s richest people. The Hinduja Group topped the list with an estimated net worth of Rs 2.90 lakh crore. At the same time, the financial services company established by Anil Ambani has a cash balance of about Rs 400 crore. Thus, the recovery for the lenders would be above Rs 10,000 crore.
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