INDUSIND INTERNATIONAL HOLDINGS ACQUISITION
OVL completes acquisition of Equior's stake in Azerbaijan oilfield for $60 mn
ONGC Videsh Ltd completes the acquisition of a 0.615% stake in Azerbaijan's ACG oilfield and a 0.737% share in the BTC pipeline from Equinor for USD 60 million. The acquisition boosts OVL's stakes in the oilfield to 2.31% and 2.36% in the BTC pipeline.
PAG to acquire Advent-owned Manjushree Technopack
Asia-focused private equity fund PAG is set to acquire Manjushree Technopack Ltd., India's largest rigid plastic packaging company, for $1 billion. The deal will see US-based Advent International exit its investment in Manjushree, opting for a sale instead of its initial plan to list the company on the stock market.
DPIIT gives nod to Hinduja Group firm IIHL for acquisition of Reliance Capital
The Department for Promotion of Industry and Internal Trade (DPIIT) has approved the Hinduja Group's acquisition of the debt-laden Reliance Capital Ltd (RCAP). The approval paves the way for the Mauritius-based IIHL to proceed with its Rs 9,861-crore resolution plan, which was approved by the National Company Law Tribunal (NCLT) Mumbai on February 27, 2024.
DPIIT approves RCap's acquisition by IndusInd International Holdings
The Department for Promotion of Industry and Internal Trade (DPIIT) has given the green light to the ?10,000-crore acquisition of Reliance Capital by IndusInd International Holdings (IIHL). This approval clears the final regulatory hurdle for the deal.
The ¡°catalyst¡± effect in value investing
Value investing involves identifying undervalued companies, but the key lies in recognizing the catalysts that can unlock their true potential. These catalysts, ranging from internal restructuring to external market shifts, act as triggers, propelling the discounted price towards its intrinsic value and helping investors avoid value traps.
Bharti Global completes acquisition of 24.5% stake in BT Group
Bharti Global, the investment arm of Bharti Enterprises, has successfully acquired a 24.5% stake in BT Group, making it the majority shareholder in the UK's second-largest telecom company. This move signals Bharti's confidence in BT's future and its commitment to the global telecoms sector.
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Murugappa to buy Germany's Hubergroup; acquisition at an enterprise value of $310 million
Murugappa Group is set to acquire Hubergroup, a German specialty chemicals company, for $310 million. The deal, financed through debt refinancing and equity infusion, will expand Murugappa's presence in the global print and packaging sector. Hubergroup, previously owned by Cornelius Treuhand Holding, was sought after by multiple bidders, with Murugappa emerging as the preferred choice.
Hinduja Group needs DPIIT nod, too, for Reliance Capital buy
The Hinduja Group got approval from the Reserve Bank of India to buy Reliance Capital. The deal still needs a green light from the Department for Promotion of Industry and Internal Trade. The Hinduja Group secured funding for the acquisition. The group raised ?3,000 crore by issuing debentures and planned to raise another ?4,300 crore.
How NRIs can transfer money using UPI
Non-Resident Indians (NRIs) can now transfer money to India faster through UPI, thanks to the National Payments Corporation of India (NPCI) extending UPI services to NRE and NRO account holders. NRIs can link their international mobile numbers to UPI apps for instant transactions. Supported banks and apps include Federal Bank, ICICI Bank, and PhonePe, among others, across various countries.
Adani Airport Holdings announces incorporation of Celeritas International FZCO in UAE
Adani Airport Holdings Limited has established a new UAE-based entity, Celeritas International FZCO, in the Jebel Ali Free Zone with a share capital of AED 100,000. Adani Airports intends to invest $21 billion over the next decade. Furthermore, Adani Enterprises' net profit increased by 116% YoY in Q1 June 2024, with a 12% rise in revenue.
NCLT dismisses ADAVPL¡¯s application to block use of ¡®Reliance¡¯ brand by IIHL
The Mumbai bench of the National Company Law Tribunal (NCLT) has dismissed an application from Anil Dhirubhai Ambani Ventures Pvt Ltd (ADAVPL), which sought to prevent IndusInd International Holdings (IIHL) from using the 'Reliance' brand after its resolution plan for Reliance Capital.
Bikaji Foods shares in focus as co to acquire majority stake in Hazelnut Factory for Rs 131 crore
Bikaji Foods International will attract attention on Thursday following its announcement that its subsidiary, Bikaji Foods Retail, plans to invest Rs 131.01 crore for a 53.02% stake in Hazelnut Factory Food Product. The investment will occur in tranches, with the acquisition expected to be finalized over the next two years.
TVS Emerald Acquires Land parcels in Bengaluru and Chennai
Emerald Haven Realty Ltd. (TVS Emerald) has acquired two land parcels in North Bengaluru and Chennai, with a combined revenue potential of Rs 900 crore. The acquisitions aim to expand the company's footprint in high-demand residential markets, reflecting its strategic growth in these cities.
TVS Holdings, 2 others get CCI's clearance to acquire stakes in Home Credit India Fin
?The proposed combination involves acquisition of 100 per cent of the issued and paid-up share capital of Home Credit India Finance Pvt Ltd (Home Credit) by TVSH, STPL, K Gopala Desikan, Anuraag Agarwal, V Ganesh, and GWC Family Fund Investments Pte Ltd (GWCF) (STPL Acquirers) and PIOF, CCI said in a release.
Hinduja Group entity issues high yield bonds to partly fund Reliance Cap buy
The company invited bids from investors earlier in the day and received bids from high-net-worth investors, family offices and domestic private credit funds, the bankers said requesting anonymity as they are not authorised to talk to the media.
IndusInd Intl to raise Rs 3,000 cr via NCDs to fund Reliance Capital buyout
IndusInd International Holdings plans to raise ?3,000 crore through non-convertible debentures to finance its acquisition of Reliance Capital. The NCDs will be zero-coupon, senior secured, and redeemable, maturing in 2028. The Hinduja Group aims to raise a total debt of ?7,300 crore for the acquisition, with part of it from private credit funds.
IIHL raises concern over Rs 850 cr GST liability for implementation of RCap resolution plan
IndusInd International Holdings, owned by Hinduja Group, informed the National Company Law Tribunal of a Rs 850 crore GST liability issue hindering Reliance Capital's resolution plan. Despite receiving key approvals and being prepared to pay Rs 9,861 crore, the GST liability remains a problem. The tribunal set further hearings for September 19. The resolution plan was initially approved in February 2024.
Lenders to Reliance Cap raise concerns over Rs 7,300 cr debt term sheet offered by IIHL
Lenders to debt-laden Reliance Capital expressed concerns over the term sheet provided by IIHL for Rs 7,300 crore debt mobilisation, citing numerous conditions. The CoC sought further documents and moved to forfeit IIHL's Rs 2,750 crore escrow amount if defaults occurred. Interest on the debt from August 8 was also demanded.
NCLT directs RBI, DIPP to expedite approvals for implementation of RCap resolution plan
The National Company Law Tribunal asked the Reserve Bank and DIPP to expedite approvals for Hinduja Group's resolution plan for Reliance Capital, following an extension request due to regulatory delays. The tribunal extended the deadline to August 10, with a subsequent hearing on August 28, to conclude the deal.
IIHL transfers money to creditors in first step to take over Reliance Capital
Earlier on August 1, creditors to Anil Ambani-promoted Reliance Capital, led by bond holders trustee Vistra ITCL (India) in a letter to Mauritius-based IIHL had warned the Hinduja company about consequences for failing to pay the Rs 2,750 crore to take over the debt-laden company by the July 31 deadline.
NCLT to hear Reliance Capital-IIHL resolution case on Wednesday, expected to issue direction to parties
The Mumbai bench of NCLT was expected to consider an application from Reliance Capital's Administrator, urging IIHL to implement a resolution plan by August 10. The Administrator had requested the immediate transfer of Rs 2,750 crore to designated escrow accounts, alleging that IIHL had failed to comply with a previous NCLT order.
Reliance Capital resolution: Lenders warn of remedial action against Hinduja's IIHL
Lenders of Reliance Capital cautioned Hinduja Group's IndusInd International Holdings for missing NCLT-imposed deposit conditions, including Rs 250 crore in a domestic escrow account and Rs 2,500 crore offshore. Given a final extension till August 10, IIHL has yet to meet deadlines, prompting lenders to reserve remedial rights.
NCLT grants extension till Aug 10 to IIHL for completing RCapital resolution plan
IIHL made the highest cash offer of Rs 9,661-crore in the auctions and secured as much as 99 per cent of the lender's votes. The bid also included the Rs 500-crore cash balance with Reliance Capital going to the lenders, taking the overall recovery to Rs 10,200 crore or about 65 per cent as against Rs 16,000 crore principal secured debt the crippled company owed to lenders.
IIHL plans to borrow Rs 4,300 crore via NCDs for Reliance Cap buy
IIHL seeks ? 4,300 crore NCD issue for Reliance Capital acquisition. Managed by RBI's Nageswara Rao Y under IBC, with NCLT approving ? 9,650 crore plan. Funds from domestic and global markets. Debentures secured by insurance share sales, Care Ratings assess. Escrow for repayments. Reliance General, Nippon Life stakes to Aasia Enterprise LLP. IIHL must retain 51% shareholding.
Reliance Capital administrator seeks 90-day extension from NCLT to implement resolution plan
Reliance Capital's administrator has filed a request for a 90-day extension to implement a resolution plan submitted by the Hinduja Group, which was approved by the National Company Law Tribunal (NCLT) Mumbai. The resolution plan, approved by the tribunal, was for IndusInd International Holdings Ltd's Rs 9,650-crore plan. Reliance Capital's board was replaced by the Reserve Bank in November 2021 due to governance issues and payment defaults. The company's debt is over Rs 40,000 crore.
Hindujas' acquisition of Reliance Capital hits financing hurdle
"IndusInd International Holdings (IIHL) is trying to reduce the cost by nearly one percentage point and is seeking a cheaper loan through ongoing discussions with the lenders," one of the sources said. "The loan arrangement must be finalised before May 27, as IndusInd International Holdings needs to close the Reliance Capital deal by then," the person added.
Hindujas get Irdai nod for buying Reliance Capital business; conditions apply
According to sources familiar with the situation, the insurance regulator has granted approval for the Hinduja Group to acquire Reliance Capital's life, general, and health insurance businesses, with the condition that shares of the companies will not be pledged. However, the deal is still pending approval from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).
IndusInd sets itself a new Rs 4.2 lakh crore target, eyes 2030 timeline
Under the new plan, IIHL is looking to set up a banking, financial services, and insurance portfolio worth $50 billion (Rs 4.2 lakh crore) by 2030. This is including its investment in IndusInd Bank, apart from the new businesses under Reliance Capital, which IIHL won in insolvency proceedings.
IRDAI nod likely soon for IIHL's buyout of Reliance Capital's three insurance arms
IRDAI expected to approve IndusInd International Holdings' acquisition of Reliance Capital's 3 insurance companies. NCLT endorsed IIHL's ?9,650 crore resolution plan for Reliance Capital. Hinduja Group's Aasia Enterprises aids in equity infusion.
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