Reliance Capital Auction: Anil Ambani's Company Scores Rs 9,650 Crore Bid From Hinduja Group – Shares zoom 5 pc
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Hinduja Group is known to have been the only bidder in the runoff and the other two suitors Torrent Investments and Oaktree did not participate, according to the sources. The offer made by Hinduja Group is likely to be all cash up front.
Actions to watch | Hinduja Group is leading the race to acquire Reliance Capital after an offer of Rs 9,650 cr, according to source... t.co/AkJ9InF53L
—ANI (@ANI) April 26, 2023
Reliance Capital Auction Bid Amount
It is worth mentioning here that the Committee of Creditors (CoC) had set a minimum offer amount of Rs 9,500 crore for the first round and Rs 10,000 crore for the second round, with an additional Rs 250 crore for subsequent rounds. . It also made it a condition that all bids must have a minimum of Rs 8,000 crore cash payment upfront, a PTI reported citing sources.
Any decision on the resolution of Reliance Capital by the CoC will be subject to the outcome of the higher court ruling on the appeal filed by Torrent Investments.
Reliance Capital's resolution process became embroiled in litigation after the first auction round. After the closing of the first round, the Hinduja Group firm submitted the post-auction offer.
After the completion of the auction, the IIHL offered a revised cash bid of Rs 9,000 crore against a bid of Rs 8,110 crore in December. This was even when the lenders expressed their intention to hold a second round of bidding. This post-auction offer is being contested by Torrent Investments in SC, as it was the highest bidder in the first round.
