Reliance Capital’s (RCap) sole bidder Hinduja Group is discussing with some lenders to raise up to Rs 8,000 crore to fund its proposed acquisition of the former Anil Ambani group of companies.

IndusInd International Holding (IIHL), the Hinduja Group’s bidder, has received letters of commitment from JP Morgan, Standard Chartered, Barclays, Apollo Global Management, Varde Partners and Farallon Capital.

Some of these companies have provided letters of commitment to the IIHL. The company plans to finance the Rs 10,000-crore acquisition through a combination of debt and equity, with a debt-to-equity ratio of 80:20, people familiar with the matter said.

Mauritius-based IIHL is the holding investment arm of the Hinduja Group and is headquartered in the UK. The firm, chaired by Ashok P Hinduja, has investments across industries and companies. It holds a 12.58% stake in IndusInd Bank, which the group owns.

On April 26, Hinduja Group bought the entire assets of RCap for Rs 9,650 crore, offering the total amount in cash upfront as other bidders did not participate in the second e-auction. The bid amount was well below the bankrupt company’s Rs 13,000 crore liquidation value.

Two other potential bidders, Torrent Group and Oaktree Capital, did not participate, citing a lack of clarity. They also accused RCap’s committee of creditors (CoC) of not providing “finality” through an extended challenge mechanism.

The Rs 9,650 crore bid will net lenders a total of Rs 10,100 crore, as RCap already has Rs 500 crore in cash. The recovery rate for secured lenders is about 70%. The total secured debt of RCap is approximately Rs 16,400 crore. However, the bid was below the liquidation value of Rs 13,000 crore assessed by two independent valuers, RBSA and Duff & Phelps.

On April 27, Hinduja Group offered another capital injection of Rs 350 crore, raising its total bid value to Rs 10,000 crore. Rs 300 crore will be injected into RCap’s subsidiary Reliance General Insurance Company (RGICL). In comparison, another Rs 50 crore will be used for projects not part of insolvency proceedings.