Anil Ambani’s Reliance Capital The stock hit the upper circuit in early trading on Monday with Adani Finserve, KKR, Piramal Finance and Poonawalla Finance being among the 14 bidders who have shown interest to acquire the company.
RCap’s stock raised its upper circuit level on BSE today. The stock was trading with a gain of 4.97% on the fresh upper circuit of Rs 14.37 on the exchange at around 10.33 am.
RCap has invited Expression of Interest (EoI) from companies as part of the proceeds from its insolvency resolution. The date of submission of bids has been extended from March 11, 2022 to March 25, earlier.
According to sources reported by PTI, the other companies that have submitted bids for Reliance Capital are – Arpwood, Verde Partners, Multiples Fund, Nippon Life, JC Flowers, Brookfield, Oaktree, Apollo Global, Blackstone and Hero Fincorp. .
According to sources, the bidders have been given two options to either bid for the acquisition of the entire Reliance Capital or any one or more of the company’s eight subsidiaries. It is being told that most of the bids are for the acquisition of the entire company.
RBI-appointed Nageswara Rao Y is the administrator of Reliance Capital’s Corporate Insolvency Resolution Process (CIRP).
RCap has a consolidated debt of around Rs 40,000 crore. RBI had applied to the National Company Law Tribunal (NCLT) Mumbai Bench for initiation of CIRP against the Reliance Group company.
Reliance Capital’s subsidiaries under insolvency resolution are Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.
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