Hinduja Group's IIHL files documents to raise Rs 3,000 crore via NCDs

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Hinduja Group's IIHL files documents to raise Rs 3,000 crore via NCDs - Business Standard

Quick Summary:

Hinduja Group firm IIHL, the successful resolution applicant for takeover of debt-ridden Reliance Capital (RCAP), on Monday filed offer documents to raise Rs 3,000 crore through non-convertible debentures (NCDs), according to sources.

The proceeds will be used to part fund the acquisition of RCAP, while the other leg of the transaction to complete the process for Rs 4,300 crore is parallelly underway which will be subject to receipt of regulatory approvals and completion of formalities by the administrator, sources said.

IIHL has already brought its equity component of Rs 2,750 crore for the transaction, which has been deposited in a designated account of the Committee of Creditors, under the supervision of NCLT.