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Reliance Capital lenders press Hinduja Group arm on resolution deadline
Lenders push Hinduja Group on Reliance Capital deadline
Lenders of Reliance Capital are urging a Hinduja Group subsidiary to adhere to the deadline set for implementing the resolution plan, marking a crucial phase in the financial restructuring process. This development underscores the urgency of resolving the financial challenges faced by Reliance Capital and restoring stability to the company's operations.
The resolution plan aims to address the debt obligations of Reliance Capital and chart a path towards financial recovery. With lenders pressing for timely implementation, there is a growing sense of accountability and commitment among st..
Reliance Capital divests 45% stake in home finance, earns Rs 540 mn
Reliance Capital has divested a 45% stake in its listed subsidiary, Reliance Home Finance, for Rs 540 million in the open market. This strategic step is anticipated to enhance the recovery prospects for lenders. The finance company, Reliance Capital, which was previously owned by Anil Ambani, is presently in the process of corporate insolvency. It now retains less than 2.5% ownership in Reliance Home Finance.
The lenders have given their approval to the resolution plan presented by IndusInd International Holdings, a Hinduja Group-promoted entity, for an amount of Rs 96.60 billion in..
Reliance Capital sells 45% stake in Reliance Home Finance
Reliance Capital, currently undergoing corporate insolvency proceedings, has divested a 45% stake in its listed subsidiary, Reliance Home Finance, for Rs 54 million in the open market. This strategic move is expected to enhance recovery prospects for creditors. Consequently, Reliance Capital's ownership in Reliance Home Finance now stands at less than 2.5%.
Lenders have greenlit a resolution plan worth Rs 96.60 billion proposed by IndusInd International Holdings, a Hinduja Group entity, for Reliance Capital.
It's noteworthy that the resolution process for Reliance Capita..
IEX reports 13.7% spike in annual volume; 110.1 billion units in FY24
The Indian Energy Exchange (IEX) disclosed a notable 13.7% uptick in total volumes, reaching 110.1 billion units (BU) for the fiscal year ending March 31, 2024. The company unveiled its audited standalone financial outcomes on May 15, 2024, spotlighting a robust revenue surge of 16.2% to ?5.508 billion. Profit After Tax (PAT) for the year marked a commendable ascent of 16.7 %, reaching ?3.414 billion, while consolidated PAT escalated by 14.7 % to ?3.508 billion.
In the fourth quarter alone, IEX observed a notable 15.5 % surge in total volumes, recording 30.1 BU. Quarterly revenue soared..
Macrotech Developers to Invest Rs.35 -40 Bn This Fiscal
Macrotech Developers, formerly known as Lodha Developers, is set to inject between ?35 to ?40 billion in land acquisitions during the current fiscal year. This strategic move aims to strengthen the company's land bank as it eyes expansion opportunities in the real estate market.
The Mumbai-based real estate giant has been actively pursuing land parcels to fuel its growth trajectory. With this substantial investment earmarked for land acquisition, Macrotech Developers aims to bolster its presence across key markets.
This investment comes at a crucial juncture for the real estate s..
