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Barclays to anchor Hinduja's ₹4,300 crore bond for Reliance Capital acquisition

Livemint

Livemint · 10m ago

Barclays to anchor Hinduja's ₹4,300 crore bond for Reliance Capital acquisition

The Hinduja Group is making progress in its bid to acquire Reliance Capital as Barclays Capital leads the second tranche of a high-yield rupee bond offering. The group plans to raise around ₹4,300 crore ($515m) to fund the acquisition, which has faced regulatory and financial challenges. Barclays is underwriting ₹1,500 crore of the bond, with the remainder taken by wealth manager 360One. Barclays and other expected participants, including Allianz, Bank of America, JP Morgan, PAG, Varde and Standard Chartered, are likely to subscribe to the bond issue over the next few weeks.

Related News

Hinduja Group begins bond sale to raise ₹7,300 cr for Reliance Capital: Report

Livemint

Livemint · 1y ago

Hinduja Group begins bond sale to raise ₹7,300 cr for Reliance Capital: Report

The Hinduja Group is reportedly planning to raise around ₹7,300 crore ($873 million) through rupee bond offerings to fund the acquisition of Reliance Capital. Barclays and 360 ONE have been appointed as arrangers and underwriters for the bond issuance. Private credit funds are said to be in discussions to subscribe to the bonds. The National Company Law Tribunal has postponed its decision on the deadline extension for completing Reliance Capital's resolution to June 25. In November 2021, the Reserve Bank of India superseded Reliance Capital's board due to governance issues and payment defaults.

NBFCs lead India’s corporate bond market as private placements dominate: Jiraaf Bond Analyser

Economic Times

Economic Times · 17d ago

NBFCs lead India’s corporate bond market as private placements dominate: Jiraaf Bond Analyser

India's corporate bond market is witnessing significant growth, with Non-Banking Financial Companies (NBFCs) leading due to their reliance on capital markets for funding. Unlike banks, NBFCs depend heavily on capital markets and have ramped up bond issuances post-Covid. Banks have become cautious with bond issuances amid rising interest rates, preferring deposit mobilization. Private placements dominate debt issuance, providing efficiency, while regulators aim to promote public debt offerings for broader investor participation.

India's Reliance Industries raises $2.4 bln in mega local bond sale

Reuters · 1y ago

India's Reliance Industries raises $2.4 bln in mega local bond sale

Reliance Industries, led by Mukesh Ambani, has raised 200 billion rupees ($2.40 billion) through a bond issue, marking the largest bond offering by a non-financial firm in India. The 10-year bonds were sold at a coupon rate of 7.79%, slightly higher than the government's borrowing cost. The issue received significant interest from insurance companies, resulting in bids worth 271.15 billion rupees. Reliance Industries plans to use the funds for refinancing existing borrowings, capital expenditure, and investments in its domestic subsidiaries.

Acquisition of RCAP completed by IndusInd International Holdings: Ashok Hinduja

Business Today

Business Today · 4m ago

Acquisition of RCAP completed by IndusInd International Holdings: Ashok Hinduja

IndusInd International Holdings Ltd, led by Chairman Ashok Hinduja, has completed the acquisition of Reliance Capital (RCAP) through the Corporate Insolvency Resolution Process (CIRP) with a winning bid of Rs 9,650 crore. The acquisition, secured in April 2023, plans to potentially publicly list Reliance General Insurance and Reliance Nippon Life in 2-3 years, rebrand within 6-9 months, and continue with IndusInd Bank as their preferred bancassurance partner.

Reliance Capital lenders red-flag Hinduja’s ₹7,300 crore debt proposal | Mint

Livemint

Livemint · 11m ago

Reliance Capital lenders red-flag Hinduja’s ₹7,300 crore debt proposal | Mint

The committee of creditors (CoC) of Reliance Capital has expressed concerns over the term sheets submitted by IndusInd International Holdings Ltd (IIHL) for a proposed debt raise of ₹7,300 crore. The CoC is worried about the stringent conditions attached to the debt offering, which can only be fulfilled after the resolution plan is executed. IIHL has enlisted 360 One and Barclays to raise the debt and additional terms and conditions may be introduced in the final binding agreements. The CoC has requested IIHL to provide definitive documents for review.

Adani Energy Solutions Wins Rs 1,600-Crore Maharashtra Transmission Project, Plans Rs 4,300-Crore Capital Raise | DeepNewz VC

deepnewz

deepnewz · 2m ago

Adani Energy Solutions Wins Rs 1,600-Crore Maharashtra Transmission Project, Plans Rs 4,300-Crore Capital Raise | DeepNewz VC

Adani Energy Solutions has secured a Rs 1,600 crore transmission project in Maharashtra. The project's objectives and implementation details were not outlined in the snippet provided. Additionally, the board of Adani Energy Solutions has approved plans to raise up to Rs 4,300 crore, as indicated by the accompanying Moneycontrol link, for potential capital investments or operational expansions, reflecting the company's growth strategies within India's power sector.

Blinkit gets Rs 1,500-crore cash boost from Zomato

Economic Times

Economic Times · 5m ago

Blinkit gets Rs 1,500-crore cash boost from Zomato

India's leading quick commerce platform, Blinkit, received a Rs 1,500 crore investment from parent company Zomato, totaling Rs 4,300 crore since its acquisition in August 2022. This infusion aids Blinkit's financial losses amid aggressive expansion and competition. Despite operational revenue covering needs, expansion costs cause high cash burn. Blinkit targets 2,000 dark stores by December 2025, ahead of competition like Swiggy and Zepto. Rapid expansion in the sector intensifies cash burn and financial losses for companies.

Adani Group launches $409 million bond sale since Hindenburg crisis

Livemint

Livemint · 1y ago

Adani Group launches $409 million bond sale since Hindenburg crisis

Indian conglomerate, Adani Group, is set to issue its first dollar bond, worth $409 million, as it seeks to regain investor confidence following allegations of fraud and stock manipulation by short-selling firm Hindenburg Research last year. Adani Ports will back the 18-year bond. The move comes after the company secured fresh equity backing from GQG Partners and refinanced $3.5 billion of debt. Some of the world's largest asset managers, such as Neuberger Berman Group, bought Adani bonds in the wake of the Hindenburg controversy, while Temasek exited its position entirely. Deutsche Bank, Barclays and Standard Chartered are among the banks enlisted for the bond issue.

Torrent Pharma in talks with CVC, Bain Capital to raise funds for Cipla buyout

Livemint

Livemint · 1y ago

Torrent Pharma in talks with CVC, Bain Capital to raise funds for Cipla buyout

Indian pharmaceutical company, Torrent Pharmaceuticals, is in discussions with private equity firms CVC Capital Partners and Bain Capital to secure funds for acquiring a stake in Cipla. The company aims to raise up to $1.5 billion for the bid, which could potentially become one of India's largest pharmaceutical deals. Cipla's founding family is reportedly interested in selling their entire 33.4% stake, with additional stake acquisition potential under Indian regulations. Foreign banks, including Morgan Stanley and Barclays, are also in talks with Torrent to arrange potential debt financing for the deal.

Hinduja’s IIHL says ready with ₹2,750 cr, seeks modification of order | Mint

Livemint

Livemint · 1y ago

Hinduja’s IIHL says ready with ₹2,750 cr, seeks modification of order | Mint

IndusInd International Holdings Ltd (IIHL) has stated that it is ready with a ₹2,750-crore initial fund to acquire Reliance Capital. IIHL has requested an extension of the deadline given by the National Company Law Tribunal (NCLT) to comply with the acquisition order. The NCLT had previously given IIHL time till 10 August to implement its resolution plan for Reliance Capital. IIHL has sought modification of the order, stating that failure to do so would pose challenges in implementing the plan. Additionally, IIHL mentioned that certain details are required for fund remittances from banks in Mauritius.

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