Reliance Capital binding bids deadline extended to Nov 20

MUMBAI: Reliance Capital Committee of Creditors (COC) has decided to extend the date of submitting the binding bids from October 31 to November 20.

This extension has been granted in view of NCLT recently approving a 90 days extension for the completion of the overall resolution process, by January 21, 2023. The earlier date was November 1 this year. As per sources, voting on the final bids by the COC will take place in December.

The date of filing the final Resolution Plan with NCLT is January 30, 2023. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries.

Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital’s entire assets. For Reliance General Insurance business, Piramal Finance has bid Rs 3,600 cr, while Zurich Insurance’s bid is Rs 3,700 cr. The third bidder ie Advent has bid Rs 7,000 cr for Reliance General Insurance.

Jindal Steel and Power and UVARC have submitted bids for Reliance Capital’s ARC business.

For other assorted assets of Reliance Capital, Choice Equity, Global Fincap and Grand Bhawan have submitted their bids. At the beginning of the resolution process of Reliance Capital over 54 firms had submitted Expression of Interest for its various assets, out of which only 14 are now in fray.