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Anil Ambani Reliance Capital: Anil Ambani, Asia's richest man and younger brother of Reliance Industries owner Mukesh Ambani. difficult Going through a phase. His company has huge debt. A way is being found to save debt-ridden companies. On one hand, Mukesh Ambani is buying companies one after the other, while on the other hand, Anil Ambani, who is deeply in debt, is losing companies. soon Anil Ambani Three companies can go out of hands. It will soon get the green signal from the Insurance Regulatory and Development Authority of India (IRDAI).
Three companies will go together
According to a report in Economics Times, Hinduja Group's IndusInd International Holdings Limited (IIHL) may get approval to buy three insurance companies of Reliance Capital. It is believed that the Insurance Regulatory and Development Authority of India i.e. IRDI may soon give it the green signal. As soon as regulatory approval is given, 3 companies will go out of Anil Ambani's hands.
Anil Ambani The company Reliance Capital is going through bankruptcy proceedings. It is a non-banking financial company which is undergoing bankruptcy proceedings. Last week, the committee of creditors had asked IndusInd International Holdings Ltd to complete the process by the May 27 deadline as the process was being delayed. The company is waiting for approval from IRDAI to complete the deal. It is believed that this approval will be given.
on 27th may
IIHL is going to buy Reliance Capital after getting approval from the National Company Law Tribunal (NCLT). Reliance Capital will buy it for Rs 9650 crore. NCLT approved it on February 27, which has to be completed within 90 days. Some objections were raised by the regulator IRDAI regarding this deal. IRDAI raised questions over the different shareholding structure of IIHL. The regulator has sought a detailed report on this from the shareholders. All the questions and information sought by the company have been handed over to the regulator. Now it is expected that soon it will get approval from IRDAI.
May 27 is special, payment of Rs 9650 crore
Let us tell you that according to this deal, Reliance Capital will sell 100% stake in Reliance General and Reliance Health and 51% stake in Reliance Nippon Life to IIHL. Last year IIHL had made the biggest bid of Rs 9650 crore. Now the company will have to pay it by May 27. However, the RBI approval to transfer Reliance Capital's business to IIHL is set to expire on May 17. RBI had given this approval on November 17, which was valid only for six months, if the process is not completed by the stipulated time limit then one has to apply to RBI for approval.
How much debt does the company have?
On November 29, 2021, RBI dissolved the board of Reliance Capital due to payment defaults and governance lapses. In September 2021, Reliance Capital told shareholders that the company had a debt of more than Rs 40,000 crore.