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RCap lenders vote in favour of Hinduja's ₹9,661 crore cash offer
The Morning Standard
|June 30, 2023
LENDERS of debt-ridden Reliance Capital have voted overwhelmingly in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL), which made the highest cash offer of ₹9,661 crore and was the lone bidder in the second round of auction.
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As much as 99% votes were in favour of IIHL as lenders expected to recover cash upfront of ₹9,661 crore from the Hinduja Group entity, according to the sources. Voting on the IIHL resolution plan started on June 9 and ended on Thursday.
Besides, cash balance with Reliance Capital of over Rs 500 crore would also go to lenders.
Lenders are expected to receive about ₹10,200 crore for distribution as against ₹16,000 crore principal secured debt, resulting in 65 percent recovery for the lenders, sources said.
This story is from the June 30, 2023 edition of The Morning Standard.
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