What is the current status of Reliance Capital Limited?

Reliance Capital was admitted to Corporate Insolvency Resolution Process (CIRP) under IBC by RBI in November 2021, making it the largest financial sector insolvency in India at that time. NCLT approved the resolution plan submitted by IndusInd International Holdings Ltd (Hinduja Group) in 2023 for approximately ₹9,650 Cr. The company is being taken over and restructured under the new promoter.

Who are the promoters of Reliance Capital?

Reliance Capital was historically promoted by Anil Dhirubhai Ambani through the Reliance ADAG group. Following insolvency, IndusInd International Holdings Limited (IIHL), part of the Hinduja Group led by Ashok Hinduja, was approved as the resolution applicant by NCLT in 2023.

What is the total debt of Reliance Capital?

At the time of insolvency filing in 2021, Reliance Capital's admitted claims from financial creditors were approximately ₹40,000+ Cr. The approved resolution plan of ~₹9,650 Cr implies a significant haircut for lenders.

Is Reliance Capital listed on any stock exchange?

Reliance Capital was previously listed on BSE (scrip code 500111) and NSE. Following its insolvency, the shares have been delisted from the exchanges. Shares trade in the unlisted/grey market at approximately ₹1.05, reflecting near-zero equity value under the resolution plan.

How do I buy Reliance Capital unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Reliance Capital?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Reliance Capital shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Reliance Capital Unlisted Share Price | Buy Reliance Capital Pre-IPO Shares — wisefolio

Investment Thesis

Reliance Capital is one of India's largest financial sector insolvencies, with admitted claims exceeding ₹40,000 Cr against a resolution value of ~₹9,650 Cr. The company's equity is effectively wiped out for existing shareholders, with shares trading at ₹1.05 in the unlisted market. The Hinduja Group's acquisition provides a potential revival path for the underlying insurance and NBFC businesses.

Pros

Historically one of India's largest NBFCs with diversified presence across asset management (Nippon India MF), life insurance (Reliance Nippon Life), general insurance, and broking
Resolution plan of ~₹9,650 Cr approved by NCLT in 2023, providing a structured path for creditor recovery and asset continuity under new management (Hinduja Group)
Underlying subsidiaries — including Reliance General Insurance and Reliance Nippon Life Insurance — have substantial customer bases and operational value independent of the holding company's distress

Cons

Admitted to insolvency under IBC in November 2021 with total debt of approximately ₹40,000+ Cr — one of the largest financial sector insolvencies in India
Delisted from BSE and NSE; trading at ₹1.05 in the unlisted market reflects near-total equity wipeout for existing shareholders under the resolution plan
Anil Ambani's ADAG group faced systemic collapse across multiple entities (Reliance Infrastructure, Reliance Naval, Reliance Communications), signaling deep governance and leverage issues

Business Segments

Asset Management

Reliance Nippon Life Asset Management (Nippon India Mutual Fund) — stake largely divested to Nippon Life Japan

Life Insurance

Reliance Nippon Life Insurance Company — joint venture with Nippon Life of Japan

General Insurance

Reliance General Insurance Company — one of India's larger private general insurers

Commercial Finance

Lending to SMEs and retail borrowers via NBFC arms

Broking & Distribution

Reliance Securities (stock broking) and financial product distribution

Revenue Model

Reliance Capital historically earned through fee income from asset management, premiums from insurance subsidiaries, interest income from lending operations (NBFC), and broking commissions. As a holding company under insolvency, its revenue generation is currently managed by the resolution professional and new promoter.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds6

Growth Plans

Hinduja Group's financial muscle and management could revive insurance and financial services subsidiaries

India's growing insurance penetration provides a favorable macro backdrop for Reliance General Insurance and Reliance Nippon Life Insurance

Industry Tailwinds

Hinduja Group's financial muscle and management could revive insurance and financial services subsidiaries

Recent Developments

RBI Initiated Insolvency

RBI superseded Reliance Capital's board and filed for CIRP under IBC at NCLT Mumbai, citing payment defaults and governance concerns. Total admitted creditor claims exceeded ₹40,000 Cr.

2021-11

NCLT Approved Hinduja Group's Resolution Plan

NCLT Mumbai approved IndusInd International Holdings Ltd (Hinduja Group) as the successful resolution applicant with a plan value of approximately ₹9,650 Cr.

2023-02

Comparable Companies

CompanyTypeTickerMkt Cap

Bajaj Finserv LtdListedBAJAJFINSV~2,80,000 Cr

Aditya Birla Capital LtdListedABCAPITAL~25,000 Cr

Muthoot Finance LtdListedMUTHOOTFIN~60,000 Cr

Bajaj Finserv LtdListed

BAJAJFINSV · ~2,80,000 Cr

Frequently Asked Questions

Reliance Capital is a diversified NBFC holding company with subsidiaries spanning asset management (Nippon India Mutual Fund — later divested stake to Nippon Life), life insurance (Reliance Nippon Life Insurance), general insurance (Reliance General Insurance), commercial finance, investment banking, and stock broking. It functioned as a financial conglomerate managing assets worth ₹1+ lakh crore at its peak.

About Reliance Capital

Reliance Capital Limited was one of India's largest Non-Banking Financial Companies (NBFCs), part of Anil Dhirubhai Ambani Group (ADAG). Incorporated in 1986, Reliance Capital built a diversified financial services conglomerate spanning asset management, insurance (general and life), stockbroking, lending, and wealth management. The company held significant subsidiaries: Reliance Nippon Life Asset Management (now Nippon India Mutual Fund — one of India's top AMCs), Reliance General Insurance, Reliance Life Insurance, Reliance Commercial Finance, and Reliance Home Finance. At its peak in the mid-2010s, Reliance Capital had assets under management exceeding Rs. 1.5 lakh crore and revenues above Rs. 10,000 crore. However, the company collapsed under a massive debt burden as ADAG group's fortunes deteriorated. The RBI superseded Reliance Capital's board in November 2021 under Section 45-IE of the RBI Act, citing governance concerns and interest payment defaults. On December 6, 2021, the NCLT Mumbai bench initiated Corporate Insolvency Resolution Process (CIRP). The NCLT approved the resolution plan submitted by IndusInd International Holdings Ltd (IIHL — Hinduja Group's Mauritius entity) on February 27, 2024, for Rs. 9,661 crore. Implementation of the plan faced delays as SEBI and other regulators needed to approve various aspects. This is one of India's largest NBFC insolvency resolutions.

Key Milestones

Incorporated in 1986 in Mumbai as part of the original Reliance Industries group

Common questions about unlisted shares

How do I buy Reliance Capital unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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