IndusInd International to raise Rs 4,300 crore to complete Reliance Capital takeover
IndusInd International Holdings (IIHL) is in advanced talks with investors including 360 One, Barclays, Bank of America, Allianz Private Credit Fund, ICICI Prudential AMC Private Credit, Edelweiss Alternatives, Alpha Alternatives Fund and Tata Capital to raise ₹4,300 crore in the second tranche to complete its acquisition of Reliance Capital by January end, people aware of the development said.
Barclays alone is contributing ₹1,000 crore in this round of non-convertible debenture (NCD) issue, one of them said.
The Hinduja Group investment firm is offering an annual return, or coupon rate, of 15% on the NCDs, which will be secured against Reliance Capital shares with Reserve Bank of India (RBI) approval, the sources said.
«The second tranche of ₹4,300 crore is fully underwritten by Barclays and 360 One. We expect closure during the month of January 2025,» said IIHL spokesperson.
In September, the Hinduja Group had raised ₹3,000 crore through NCDs, offering 14.5% with a tenor of 3.5 years, from a clutch of institutional investors and high net-worth individuals in the first tranche of fundraising for the ₹9,861-crore acquisition of Reliance Capital.
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