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Published By: The Ecnomic Times
Published Date: 19-07-2023
Lenders of IndusInd International Holding Ltd (IIHL) have approved capital infusion into IndusInd General Insurance (IGI) to boost its solvency margin. The infusion is expected by August-end, with IGI planning to raise an additional ₹400 crore in Tier 2 capital afterwards to accelerate growth.
This development comes as IIHL's Committee of Creditors (CoC) approved IndusInd International Holdings Ltd's (IIHL) resolution plan with 99.6% votes, potentially bringing ₹10,000 crore to lenders. The administrator has submitted this plan to the NCLT for approval.
IGI had previously requested ₹600 crore from IIHL, citing that delays in IIHL's resolution were causing business stress. The company argued that borderline solvency was hurting client relationships and partnerships, giving competitors an advantage.
As one of IIHL's most valuable business verticals alongside IndusInd Nippon Life Insurance, IGI expects this capital infusion to improve regulatory standing with IRDAI while demonstrating continued promoter support.
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