DIPP approval for the deal is an after thought as it was never part of conditions precedent set out by NCLT and hence a delay tactic, say lenders
Read More
Next hearing will be held on coming Monday when Hinduja Group will have to present the proof of fund transfer
Read More_20240804202206_original_image_37.webp)
RBI appointed Administrator Y Nageswara Rao has laid bare Hinduja Group's devious tactics to dilute the NCLT order, seek further extension for deal without bringing the initial money on the table and substantially modify the Resolution Plan
Read More
RCap may be up for rebidding. Creditors can encash Hinduja Group's around Rs 500 crore bank guarantee for the deal and float a new Request For Proposal inviting new bidders
Read More
RCap COC has opened 2 escrow accounts with Yes Bank. As per NCLT order if Hinduja Group fails to deposit Rs 2750 crores in escrow a/c, it would be declared a defaulter and stands to lose initial deposit of around Rs 500 crores that it had made after winning the Rs 9850 crore bid for the acquisition of RCap
Read More
CARE gives the lowest possible rating of BBB minus to the Zero Coupon NCD Issue of Hinduja Group Entity. The group is raising more than Rs 7000 crores in debt financing deal to fund the acquisition of Reliance Capital
Read More
Hinduja Group has so far failed to bring even Rs 250 crore (equity money contribution) on the table which could give confidence to RCAP lenders about the ability of the group. RCAP lenders have opposed any further extension to Hinduja Group and are seeking interest on the dealy so far
Read More
Hinduja in the driver's seat as RBI is likely to extend the payment deadline for them, since they had bid Rs 1200 crore more than Torrent Group
Read More
New entities were introduced in the transaction at the eleventh hour, just days ahead of expiry of RBI deadline. RCAP to issue debentures to raise funds for its own acquisition. Deadline extension may be a huge setback for lenders
Read More
