Competition Comm clears IndusInd Bank-Reliance Capital deal devdiscourse.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from devdiscourse.com Daily Mail and Mail on Sunday newspapers.
In July, Hinduja group-owned IndusInd International Holdings (IIHL), the promoter of IndusInd Bank, announced a USD 1.5-billion capital-raising plan to fund the proposed acquisition of Reliance Capital and increase its stake in the lender. The board of the Mauritius-registered IIHL also decided to increase its holding in Reliance Capital to 26 per cent from the present 15 per cent.
In April, Hinduja Group company IIHL placed the best bid of Rs 9,650 crore in the second round of the auction to acquire Anil Ambani's Reliance Capital.
Gujarat-based Torrent Investments had emerged as the highest bidder with its Rs 8,640 crore in the initial bidding, but a day later the Hinduja Group through IndusInd International submitted a revised bid of Rs 9,000 crore and the same was approved by the lenders in April. Torrents appeal against the IndusInds RP is pending before the SC.