IndusInd Intl to raise Rs 3,000 cr via NCDs to fund Reliance Capital buyout
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Mauritius-based IndusInd International Holdings (IIHL), through its subsidiary Cyqure India, plans to raise ₹3,000 crore by issuing 14.50% non-convertible debentures (NCDs) maturing in 2028. These NCDs, set to be zero-coupon, senior secured, listed, rated, and redeemable, will be used to finance IIHL's acquisition of Anil Ambani-promoted Reliance Capital (RCap). The issuance will have a 42-month tenor, with bidding open and closing on September 16, 2024. The Hinduja Group, looking to raise a total debt of ₹7,300 crore, had split its fundraising efforts into domestic and overseas segments, with plans to raise part of it from private credit funds, offering returns of around 15%. 360 One and Barclays are helping in the fundraising as reported. The acquisition of RCap follows a long process, with the committee of creditors approving the Hinduja Group's ₹9,650 crore bid in July 2023. Around ₹2,700 crore is equity brought in by the Hind...