homebusiness Newscompanies NewsReliance Capital second auction rescheduled to April 11 — 3 bidders interested
Reliance Capital second auction rescheduled to April 11 — 3 bidders interested
Torrent Investments, Hinduja Group’s IIHL, and Oaktree Capital have expressed their willingness to bid for Reliance Capital, sources told CNBC-TV18.
Relief is in store for lenders of Reliance Capital as three potential suitors have shown interest in participating in the second round of auction for the beleaguered company, after it got rescheduled to April 11.
According to CNBC-TV18 sources, Torrent Investments, Hinduja Group’s IIHL, and Oaktree Capital have expressed willingness to bid for Reliance Capital, while the Piramal-Cosmea Financial consortium is unlikely to participate as it has not approached the lenders yet.
The second round of auction for Reliance Capital, which was earlier scheduled for April 4, has been rescheduled to April 11 after bidders requested for tweaks in the request for resolution plan (RFRP).
The suitors have reportedly asked for changes in the resolution plan terms and conditions to ensure compliance, as well as sought surety from lenders that no bids would be entertained outside the auction process.
The lenders have assured the suitors that the highest bidder will be declared the winner to bring finality to the resolution process. The base bid for round 2 has been set at Rs 9,500 crore, with Rs 8,000 crore in upfront cash. The liquidation value of Reliance Capital is pegged at around Rs 12,500 crore.
It should be noted that Reliance Capital is facing claims of Rs 25,334 crore from various creditors under the Insolvency and Bankruptcy Code (IBC).
The Reliance Capital administrator did not comment.
First Published: Apr 3, 2023 7:03 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM
Wine shops and bars to remain shut for 4 days in Mumbai in 4 weeks, check details
May 15, 2024 7:52 PM
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM