Those interested in buying debt-ridden Reliance Capital have got another opportunity. In fact, the Reserve Bank of India (RBI)-appointed administrator has extended the deadline for submission of bids for Reliance Capital to March 25. The company told in the information given to the stock market that the last date for sending the letter of interest for bidding has been extended till March 25, which was earlier March 11.
How much is the loan: Earlier in September 2021, Reliance Capital in its Annual General Meeting (AGM) had informed shareholders that the company’s debt stood at Rs 40,000 crore. The same company had a net loss of Rs 1,759 crore in the third quarter of the current financial year ended December 2021.
Board of Directors was dissolved: On November 29 last year, the RBI had dissolved the board of Anil Ambani Group-promoted Reliance Capital Limited (RCL) in view of payment lapses and serious governance issues. Now administrators appointed by RBI are taking decisions related to the sale of the company. It is the third largest non-banking financial company (NBFC) against which the central bank has recently initiated proceedings under the Insolvency and Bankruptcy Code.
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Share Price: On Friday, the share price of Reliance Capital rose by about 5 percent to Rs 13.69. At the same time, on June 24, 2021, the share price was Rs 30.80, which is the highest level of 52 weeks. Talking about the market capital, it stood at Rs 345 crore.