Bidders of Reliance Capital have sought four months time for bidding, September 29 is the last date for bidding
Highlights
- The last date for submission of bids is 29 September
- Six tenders received for entire assets of Reliance Capital
- Tenders received are around Rs 4,500 crore
Reliance Capital Ltd. (RCL) have requested for extension of the deadline for submission of binding or final bids by four months as per the company’s resolution process. US-based asset management fund Advent has sought an extension of 16 weeks, while Piramal Finance has sought an additional 12 weeks, ie till December, sources said. As per the current deadline, September 29 is the last date for submission of confirmed bids with an advance amount (EMD) of Rs 75 crore.
Reliance Capital wins six tenders
Sources said that other bidders have also demanded extension of time limit for firm bids. He said IndusInd Bank has sought extension of 10 weeks, Oaktree for 12 weeks and Zurich Rey for eight weeks. The deadline for filing the final resolution plan with the National Company Law Tribunal (NCLT) is November 1, 2022. Last month, six tenders were received for the entire assets of Reliance Capital. The tenders received for the company with eight different businesses are around Rs 4,500 crore.
solution plan review
The committee of creditors on Wednesday reviewed the resolution plan of debt-ridden Reliance Capital. The bidding process for the company ended on August 29. IndusInd Bank, US-based asset management company Oaktree Capital and Torrent Group have bid for the acquisition of Reliance Capital. Reliance Capital said in the information given to the stock exchange that the 18th meeting of the company’s committee of creditors was held in Mumbai on Thursday. The resolution plan was reviewed in the meeting. American asset management firm Octree Capital, Torrent Group and B-Right Group, including IndusInd Bank, have submitted bids to acquire debt-ridden Reliance Capital Limited (RCL). According to sources, these bids are in the range of Rs 4,000 crore for a company doing business in eight different sectors. The last date for submission of bids for Reliance Capital ended on August 29. This deadline was extended five times. Initially 54 companies had shown interest for RCL but only four have submitted bids as part of the insolvency resolution process. Two options were offered to the bidders. In the first option the bidders were required to submit bids for the entire RCL. While under the second they could bid for specific areas of the company.
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