IndusInd International Holdings expects to complete the acquisition of Reliance Capital by February 10, as the company applies to stock exchanges for the shares’ delisting.
Ashok Hinduja, Chairman of IIHL, said that Reliance Capital’s delisting is one of the last milestones in closing the acquisition process.
RCap had said it had approached bourses for the 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 that it has, in accordance with the approval of the monitoring committee, made applications to BSE and NSE for delisting of the company’s equity shares, RCAP said in a regulatory filing. Besides, it has also approached BSE to delist non-convertible debentures.
Mauritius-based IIHL emerged as the successful suitor with a bid of Rs 9,650 crore for RCap’s resolution. Later, the company paid Rs 200 crore to bolster RCAP’s solvency, which was over and above the bid amount.
The National Company Law Tribunal, Mumbai, approved IIHL’s resolution plan in February and subsequently extended the deadline for completing the transaction to February 15, 2025.
RCap, registered as a core investment company with the RBI, has several entities, including Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Money, Reliance Securities, Reliance Asset Reconstruction and Reliance Commercial Finance.
The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company.