IndusInd International Holdings Ltd Nears Completion of Reliance Capital Acquisition

IndusInd International Holdings Ltd (IIHL) is inching closer to acquiring debt-ridden Reliance Capital with plans for delisting its shares. The National Company Law Tribunal has approved IIHL's resolution, aiming to complete the transaction by February 2025. Reliance Capital has approached bourses to delist both equity shares and non-convertible debentures.

IndusInd International Holdings Ltd (IIHL) is progressing towards the acquisition of debt-laden Reliance Capital as it takes significant steps in delisting the company's shares. IIHL Chairman Ashok P Hinduja characterized this move as one of the final stages in the acquisition journey.

Reliance Capital confirmed in a regulatory filing that it approached stock exchanges to initiate the delisting process as a part of its resolution strategy. A source with knowledge of the situation indicated that the delisting is expected to be finalized by the end of this month, with the overall transaction projected to close by February 10.

The acquisition process, bolstered by IIHL's bid of Rs 9,650 crore, received approval from the National Company Law Tribunal in Mumbai. The tribunal's decision includes an extension for transaction completion until February 15, 2025. Reliance Capital encompasses various subsidiaries, including Reliance Nippon Life Insurance and Reliance General Insurance.

(With inputs from agencies.)