(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.