Considering Hinduja’s revised offer is a violation of process, says Torrent Investments to RCap Admin

This comes after Torrent Group emerged as the highest bidder in the challenge process by offering Rs 8,640 crore on December 21, 2023. However, Hinduja subsequently submitted a revised offer with a higher amount in terms of NPV. .

However, Hinduja subsequently submitted a revised offer worth Rs 9,000 crore in NPV terms. Hindujas submitted its bid after the electronic auction process was completed,

Hinduja Global has bid lenders for the debt-ridden Reliance Capital, outbid by Torrent Investment in the auction held as part of its resolution process, people familiar with the matter told CNBC-TV18.

According to the sources, Torrent Investments had called Hinduja's revised offer "patently illegal." Torrent Group has also hinted at legal action if creditors don't accept its offer.

This move by Hinduja Group would delay the resolution process as the CoC would be interested in obtaining the highest price. This committee was led by LIC and EPFO.

The Creditors Committee will meet on January 3, 2024 to consider the offers and decide on the vote. Also, lenders would be reviewing offers and looking at the fine print.

Bids for RCap have nearly doubled in recent weeks. Piramal-Cosmea Financial became the highest bidder with its offer of Rs 5,231 crore during the first bidding round in November.

Interestingly, the current highest bid is still short of Reliance Capital's liquidation value of nearly Rs 13,000 crore.