NEW DELHI: The successful bidder for Reliance Capital – IndusIndia International Holding Ltd (IIHL) – has changed the entire corporate structure of the transaction for implementation of the resolution plan 20 days ahead of the deadline for completion of the process.
Under the new structure, the transaction will take place through four new companies -- Cyqure India Private Limited, Ecopolis Properties Private Limited, Cyqurex Technologies Private Limited, and IIHL BFSI Holding Limited. In the earlier structure, the Hinduja Group had proposed to implement the entire transaction primarily through two companies -- IIHL BFSI (India) Ltd and Aasia Enterprises.
According to IIHL, Cyqure India will act as the holding company of Aasia as it will hold a majority stake in Aasia Enterprises, and its shareholders will be the same as that of partners of Aasia -- Ashok Hinduja, Harsha Hinduja, and Shom Hinduja. The other two new entities -- Cyqurex Technologies and Ecopolis Properties -- will be the 100% subsidiaries of Aasia Enterprises.
The fourth newly introduced and incorporated company, IIHL BFSI Holding Ltd will be 100% owned by IIHL. The company has apprised of the change to the Reserve Bank of India, which had on 17 November 2023 given approval to its earlier structure for the transaction.
IIHL has emerged as the successful bidder for erstwhile Anil Ambani-promoted Reliance Capital with creditors approving its resolution plan with 99.6% vote share.