IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
The Reserve Bank of India approved the resolution plan for debt-ridden Reliance Capital on Friday.The move finally clears the path for Hinduja Group entity IndusInd International Holdings Ltd (IIHL) to acquire the company.This is to .
RBI Approves Hinduja Group Entity Acquisition Of Reliance Capital menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
Improved investor interest in a broad range of small and medium enterprises and above-average realisation from the assets of a large company - Srei Group - boosted the recovery last quarter, showed the data. The realisation in the September quarter stood at ₹20,771 crore from about 85 stressed firms.
This is important as the promoter of the bank, IndusInd International Holdings Ltd, has successfully bid for acquiring the debt-ridden Reliance Capital.