IRDAI objects to Hinduja Group pledging shares of insurance company to acquire Reliance Capital

Hinduja Group is in talks with offshore lenders to raise $800mn (Rs 6,660 crore equivalent) to acquire the finance company under the Insolvency and Bankruptcy Code, the people said. Lenders have unanimously voted in favour of a Rs 9,660-crore plan offered by IIHL in June.

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