Reliance Capital Creditors Approve IndusInd International Resolution Plan

Reliance Capital Ltd.’s committee of creditors approved IndusInd International Holdings Ltd.’s resolution plan for the bankrupt company by a majority voting.

The e-voting on resolution for approval of the resolution plan concluded on 29 June, Reliance Capital’s Administrator Nageswara Rao Y said in a stock exchange announcement. He didn't disclose the financial details.

In a meeting in Mumbai yesterday, the administrator also appraised the committee of creditors on the non-bank lender’s the operations, as well as about the status and the way forward of insolvency resolution process, according to the statement.

The creditors are scheduled to meet on 6 July for further discussions, it said.

Meanwhile, Business Standard reported that IndusInd International is looking to raise $1.5 billion to boost its stake in IndusInd Bank to 26% from 15% and to finance its proposed acquisition of Reliance Capital.

The Hinduja Group firm plans to expand its business in the banking finance services and insurance (BSFI) sector in India and overseas markets, the report said.

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