Many big companies including Adani to Piramal Finance, KKR are in line to buy the debt-ridden Anil Ambani’s Reliance Capital. A source familiar with the matter told PTI that 14 major companies, including Adani Finserve, KKR, Piramal Finance and Poonawala Finance, have shown interest to buy Reliance Capital. These companies have bid for the acquisition of debt-ridden Reliance Capital Limited.
Sources said other companies that have submitted EOIs for Reliance Capital include Arpwood, Verde Partners, Multiples Fund, Nippon Life, JC Flowers, Brookfield, Oaktree, Apollo Global, Blackstone and Hero Fincorp. The company has a debt of Rs 40,000 crore.
March 25 is the last date for bidding
The date for filing bids for Reliance Capital, which was set by the Reserve Bank of India (RBI)-appointed administrator on March 11, has now been extended to March 25. The deadline for submission of bids has been extended on the request of some of the prospective bidders, who had sought more time to file the Expression of Interest (EoI). Sources said most of the bidders have bid for the entire company.
Also read- This company of Gujarat made people crorepati, investment of ₹ 10000 made 4 crores, will you bet?
It is the third largest non-banking financial company (NBFC) against which the central bank has recently initiated insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The other two companies are Srei Group’s NBFCs and Dewan Housing Finance Corporation (DHFL).
RBI had dissolved the board of directors
Let us tell you that on November 29, the RBI had dissolved the board of Reliance Capital and on its behalf, Nageswara Rao, former executive director of Bank of Maharashtra, was appointed as administrator. The very next day, the central bank had also constituted a three-member panel to assist the administrator. Anil Ambani-led RCL faces several serious allegations of default in loan repayment and corporate governance.
Also read- After giving a return of more than 763%, now this multibagger stock will reach ₹ 4300, expert said – buy
Buying of shares will increase!
Let us tell you that the buying of shares of Reliance Capital is increasing continuously. As the big names came out to buy this bankrupt company, the shares also saw a rise. Reliance Capital Ltd. The stock has jumped 10.93% in the last five trading sessions. On Friday, the company’s shares climbed up to 5 per cent to close at Rs 13.70.