रिलायन्स जनरल इन्शुरन्स – इकॉनॉमिक टाइम्स मधील इर्डाईने रिलायन्स कॅपिटलची 100% भागधारणे पुनर्संचयित केली – Boisar Marathi News

रिलायन्स जनरल इन्शुरन्स – इकॉनॉमिक टाइम्स मधील इर्डाईने रिलायन्स कॅपिटलची 100% भागधारणे पुनर्संचयित केली


Translating…

Reliance Capital

on Sunday said the Insurance Regulatory and Development Authority of India has cancelled pledge enforcement of

Reliance

General Insurance Company Ltd’s (RGICL) shares by

Credit Suisse

and

Nippon India MF

.

Insurance regulator Irdai has directed

IDBI Trusteeship Services

not to give effect to any encumbrance or transfer or any change in the shareholding of RGICL, according to a BSE filing by

Reliance Capital

(RCAP).

Pursuant to the Irdai direction, 100 per cent shareholding in RGICL stands restored to RCAP, it added.

The regulator also said its prior approval was not taken for the transfer. The Irdai added that the unauthorised transfer also violates FDI regulations.

The Irdai action will benefit all lenders of

Reliance Capital

as sale proceeds of RGICL’s shares will go to all lenders and not just Credit Suisse and Nippon India MF.

The sale of RGICL’s shares is expected to fetch Rs 6,000 crore for RCAP lenders, which is almost 40 per cent of the total RCAP secured debt.

The 100 per cent shareholding of RGICL is held by

Reliance Capital

.

In November 2019, the IDBI Trusteeship had transferred RCAP’s 100 per cent shareholding in RGIC by invoking pledge, which was contested by the company, RCap said in a statement.

The company will continue with its efforts to monetise its shareholding in RGICL as part of its overall plan for debt reduction, the statement added.