There are many such companies of Anil Ambani, the head of the debt-ridden Reliance Group, which are going through the sale process. One of these companies is Reliance Naval and Engineering. Anil Ambani is adopting every trick to save this debt-ridden company. In the midst of these activities, buying in Reliance Naval’s stock has also increased.
On-going voting on the bidders: Voting is underway on the resolution plan for the bankrupt Reliance Naval Shipyard, Business Today reported. Hazel Mercantile is the strongest contender among the bidders with Rs 2,700 crore. This is a company backed by industrialist Nikhil V. Merchant. Voting on the bids has been going on since February 24 and is now likely to end on March 17, the source said.
Anil Ambani has taken this step: However, Anil Ambani’s Reliance Infrastructure Limited is trying to stop this bidding process. Under this, questions have been raised on the eligibility of Hazel Mercantile of Mumbai-based industrialist Nikhil V. Merchant. Anil Ambani’s Infra has turned to Torpedo by questioning its eligibility to participate in Reliance Naval’s bid.
Here is the offer: Apart from this, Reliance Infrastructure has also submitted a proposal to the lenders to pay a part of the dues and take back control of the insolvent entity. The company has proposed to pay a total of Rs 2525 crore to the lenders, starting with a token amount of Rs 25 crore.
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Reliance Naval’s resolution process began 26 months ago to recover over Rs 12,429 crore dues owed to other financial creditors including State Bank of India and Union Bank of India. A unit of two companies – Hazel Mercantile Ltd and Swan Energy Ltd – has bid for the bankrupt shipyard for around Rs 2,700 crore.
The bid was accepted by Reliance Naval’s resolution professional after a legal process three months ago. Let us tell you that Reliance Naval was originally known as Pipavav Shipyard. Naveen Jindal’s company was also among the bidders for this company.
Share Price of Reliance Naval: Anil Ambani’s Reliance Naval share buying has increased. On the second trading day of the week, the company’s stock got upper circuit and it closed at the level of Rs. The company’s 52-week high level is Rs 7.15.