Reliance Capital Auction: Good days will come for Anil Ambani! This group made the highest bid for Reliance Capital
Anil Ambani: Sources claimed that Torrent Group has made a bid of Rs 8,640 crore for the acquisition of Non-Banking Financial Company (NBFC) set up by Anil Ambani Group.
Reliance Capital Ltd: Debt-ridden Anil Ambani’s company Reliance Capital was auctioned on Wednesday under the resolution process. Ahmedabad-based Torrent Group placed the highest bid under the auction process. Sources claimed that Torrent Group has made a bid of Rs 8,640 crore for the acquisition of the non-banking financial company (NBFC) set up by Anil Ambani Group.
- Cosmia Piramal opts out of bidding process
After this Hinduja Group made the second highest bid, while Oaktree did not participate in the auction process. The Cosmia Piramal alliance was already out of the bidding process. Sources said that the Committee of Lenders (COC) had fixed a lower price limit of Rs 6,500 crore for the auction. According to an order by the National Company Law Tribunal (NCLT), the lenders have to complete the resolution process of Reliance Capital by January 31, 2023.
- Reliance General Insurance sought help
Earlier, Reliance General Insurance Company, another company of Anil Ambani, had sought capital of Rs 600 crore from debt-ridden parent company Reliance Capital Limited (RCL) to increase business. Sources said that the Committee of Creditors (COC) is considering to discuss the request of RGIC for capital infusion in the meeting soon. Reliance Capital is undergoing the resolution process under the Insolvency and Bankruptcy Code (ICB).