Hinduja Starts Bond Sale Process To Fund Buying Reliance Capital
The deal will likely be closed within a month, people in the know said.
(Bloomberg) -- India’s Hinduja Group is planning to raise about 73 billion rupees ($873 million) via two rupee bond offerings to partly fund its acquisition of Reliance Capital, according to people familiar with the matter.
It has mandated Barclays Plc and 360 ONE as arrangers and underwriters for the issuance, the people said, asking not to be identified as the discussions are private. The arrangers started the syndication process last week to seek investors and the deal will likely be closed within a month, they said.
This puts a lid on months of speculation on how the group will fund its acquisition of Reliance Capital, a local financial services firm once controlled by Anil Ambani, younger brother of Asia’s richest man Mukesh Ambani.
Private credit funds are in talks with the arrangers to subscribe to the bonds, according to one of the people familiar.
Representatives from the Hinduja Group, Barclays and 360 ONE didn’t immediately respond to requests seeking comments.
--With assistance from P R Sanjai.
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