These Are The Companies Bidding For Anil Ambani's Debt-ridden Reliance Capital

Nearly nine months after the RBI initiated insolvency proceedings against Anil Ambani’s Reliance Capital, the debt-ridden company has got multiple bids for its takeover. IndusInd Bank, US-based asset management firm Oaktree Capital, Torrent Group and B-Right Group have submitted bids for the takeover of Reliance Capital Ltd (RCL), according to sources, reports PTI.

Sources said that these bids are in the range of Rs 4,000 crore for the company, which has eight different business verticals. The last date for submission of the bids ended on August 29, 2022. The deadline was already extended five times, the report mentioned.

Initially, 54 companies had expressed interest in Reliance Capital but only four submitted their bids.

Two options were available for the bidders. Under the first option, bidders were required to submit bids for the entire Reliance Capital, and in the second option, they had the choice to bid for specific verticals of the company.?These verticals include general insurance, asset reconstruction and securities businesses.

The sources reportedly said that Piramal Group, Zurich Re, and the US-based private equity fund Advent had placed bids for the Reliance General Insurance business.?They also added that no bids were received for the Reliance Nippon Life Insurance business.

Jindal Steel and Power and UV Asset Reconstruction Company have submitted bids for RCL's asset reconstruction business. Choice Equity and Global Fincap are among the bidders for other assets of RCL.

After Srei Group NBFC and Dewan Housing Finance Corporation Ltd (DHFL), Reliance Capital is the third large Non-Banking Financial Company (NBFC) against which the RBI has initiated bankruptcy proceedings.

AFP

Several lenders, including LIC, have reportedly made total claims of Rs 25,333 crore against Reliance Capital.

In a regulatory filing, Reliance Capital said the 17th meeting of the company's Committee of Creditors (CoC) was held on Tuesday, as per PTI.

The company's administrator appraised the CoC about the status of claims, the status of the CIRP process, going concern operations of the company and the way forward in terms of the activities or milestones as stipulated under the Insolvency and Bankruptcy Code (IBC).

Under the resolution process, the filing reportedly said that Reliance Capital's administrator had received a total of 14 resolution plans/bids.

In November 2021, the Reserve Bank of India (RBI) had superseded the board of Reliance Capital, given payment defaults and serious governance issues. The company was referred for the Corporate Insolvency Resolution Process (CIRP). And in December 2021, RBI began the insolvency proceedings against Reliance Capital.

Also Read:?Why?Reliance?Paid Over Rs 900 Crore For Robotics Startup Addverb

For the latest financial news, keep reading Indiatimes Worth.?Click here