On July 3, the Hinduja Group had said that the lenders of Anil Ambani-led Reliance Capital have approved a Rs 9,650 crore resolution plan presented by Hinduja Group company IIHL.
According to reports, the Hinduja family is planning to raise about Rs 8,200 crore (USD 1 billion) to acquire Anil Ambani’s Reliance Capital. It is to be noted that Hindujas are the preferred bidder for Reliance Capita, which was once worth Rs 93,851 crore. The Economic Times reported citing sources that some of the funds with whom the Hindujas are in touch are Farallon Capital, Oaktree, Ares Asia and Cerberus. The report added that Hindujas may back the financing by Reliance Capital's life and general insurance shares and it is likely that the funding partners would seek guarantee from the Hindujas that such an arrangement will have the required permission from the insurance regulator.
According to report, the financing will be done only after the acquisition gets the approval from court and it is possible that the final list of financiers may change in the coming weeks. On July 3, the Hinduja Group had said that the lenders of Anil Ambani-led Reliance Capital have approved a Rs 9,650 crore resolution plan presented by Hinduja Group company IndusInd International Holdings Limited (IIHL) under the insolvency and bankruptcy code (IBC) rules.
It may be recalled that on November 29, 2021, the Reserve Bank of India (RBI) had superseded the board of Reliance Capital due to payment defaults and governance issues.
The first auction of Reliance Capital was held in December in which Torrent Investments emerged as the highest bidder with Rs 8,640 crore offer, while Hinduja Group presented an offer of Rs 8,110 crore. But Hinduja presented a revised bid of Rs 9,000 crore within 24 hours and this was challenged by Torrent before the National Company Law Tribunal (NCLT).
The next auction of Reliance Capital took place on April 26 and IIHL with an offering Rs 9,650 crore was the sole participant in the auction.
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 "Billionaire Indian family may raise Rs 8200 crore to acquire Anil Ambani's company")
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