Debt ridden-Reliance Capital (RCAP) on Tuesday said it has approached bourses for delisting of its shares as part of resolution process. The company has in accordance with the approval of the monitoring committee, made applications to BSE and NSE for delisting of equity shares of the company, RCAP said in a regulatory filing.
Besides, it has also approached BSE for delisting of non-convertible debentures.
Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as the successful suitor with a bid of Rs 9,650 crore for the resolution of RCAP. Later, the company paid Rs 200 crore to bolster RCAP solvency, which was over and above the bid amount.
The National Company Law Tribunal (NCLT), Mumbai, on February 27, 2024, approved IIHL’s resolution plan and subsequently extended the deadline for completion of the transaction to January 31, 2025.
RCAP, registered as core investment company with the RBI, has several entities under it, including Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Money, Reliance Securities, Reliance Asset Reconstruction, and Reliance Commercial Finance.
The RBI, in November 2021, superseded the board of Reliance Capital on governance issues and payment defaults by the Anil Dhirubhai Ambani Group company.
The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company.
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