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IIHL to seal RCap buy by January
IIHL to seal RCap buy by January

(IIHL), which recently received final approval from the Department for Promotion of Industry and Internal Trade (DPIIT) for its ₹9,861 crore acquisition of Reliance Capital, plans to divest 35 of its 39 subsidiaries by March to raise ₹1,000 crore, according to IIHL chairman Ashok Hinduja.

Hinduja confirmed that IIHL has secured all necessary regulatory approvals and completed the fund-raising process. The de-listing of Reliance Capital will begin shortly under the supervision of the administrator and the committee of creditors (CoC), with the transaction expected to close by January 2025.

Of the ₹9,861 crore total acquisition cost, ₹2,750 crore is already with the CoC and ₹3,000 crore in debt has been raised and set aside. The remaining ₹4,300 crore in debt will be disbursed upon the de-listing of Reliance Capital’s shares.

IIHL also intends to re-list Reliance Capital, along with its general insurance and life insurance units, separately within two years.

https://economictimes.indiatimes.com/markets/stocks/news/iihl-to-seal-rcap-buy-by-january-focus-on-growth-ashok-hinduja/articleshow/116349356.cms?from=mdr